- PEPE just broke out of a descending channel, a pattern that’s previously triggered big rallies—this time, projections suggest a potential 273% upside if momentum sticks.
- Market sentiment is looking bullish, with trading volume up 38% and Futures funding rates staying positive for three straight days.
- Profit-taking by spot traders may slow the rally, as $8 million in PEPE was sold post-breakout—this could cause some consolidation before the next big move.
PEPE’s been creeping up the charts lately, logging a solid 5.79% gain in the last 24 hours. Not bad, right? A lot of this spike seems to come from some pretty interesting chart action—but not everyone’s buying the hype. In fact, while the setup looks bullish, some spot traders are bailing out early, booking profits after days of stacking.
Breakout or Fakeout? Chart Patterns Say Rally Incoming
If you’ve been following the PEPE/WETH chart (which mirrors the PEPE/USDT one), you’ll notice something familiar—yeah, that descending channel again. This thing’s popped off three times already after breaking its upper resistance line, and guess what? PEPE just did it again.
That breakout is what likely fueled the latest price jump. And according to projections, if momentum holds, we could be looking at a wild 273% ride up to around $0.00002786. That said, it’s probably not gonna be a straight shot. Like last time, a bit of consolidation might sneak in before it starts sprinting again.
Volume’s Up, Futures Look Bullish Too
Momentum’s not just a price thing either—the vibes are backed up by trading volume too. A 38% jump took daily volume to nearly $900 million, which usually signals strong interest from traders across the board.
Zooming into the Futures market, Open Interest has been rising as well—$348 million worth of PEPE contracts are still active. While that number alone doesn’t scream “bullish,” the Open Interest Weighted Funding Rate might. It’s been chillin’ in the green for three days now, currently at 0.0093%. That leans bullish, big time.
But Spot Traders Are Playing It Safe
Here’s the twist though—despite all the bullish action, some spot traders are bailing. Right after that breakout, they sold off around $8 million worth of PEPE. Classic profit-taking behavior. If the price keeps ticking up, we might see even more of that.
And yeah, too much selling can slow the rally down. It won’t kill the momentum completely, but it could mean a pause—or a sideways drift—before we get that big leg up.
