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    Chandan Gupta is a crypto analyst and news writer at CoinPedia. He specializes in market analysis using on-chain metrics and industry insights to forecast market trends. With over four years of trading experience, Chandan simplifies complex concepts in technical and on-chain analysis, making them easy to understand. At CoinPedia, he leverages his expertise to identify and present emerging opportunities in the cryptocurrency space

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    PEPE Breaks Bullish Flag Pattern, Traders Eyes 65% Rally

    Story Highlights
    • PEPE could surge by 65% to reach the $0.000036 level if it closes a four-hour candle above the $0.0000222 level.

    • PEPEโ€™s large transaction volumes jumped by 12%, hinting at whalesโ€™ and institutions' interest in the meme coin.

    • PEPEโ€™s open interest (OI) has skyrocketed by 13.56% in the past four hours, indicating traders' interest in the meme coin.

    Pepe (PEPE), the worldโ€™s third-biggest meme coin, is poised for a massive bull run as it has broken out of a bullish price action pattern. Following this breakout, heightened participation from traders and investors has been observed in the past few hours.

    Traders and Whales Fuel PEPEโ€™s Breakout Momentum

    According to the recent report by the on-chain analytics firm Coinglass, PEPEโ€™s open interest (OI) has skyrocketed by 13.56% in the past four hours and 5.6% in the last hour. This growing OI indicates increased trader interest in the meme coin.

    Alongside traders, whales and institutions also appear more engaged, resulting in a significant rise in large transaction volumes, as reported by the on-chain analytics firm IntoTheBlock.

    PEPE Technical Analysis and Upcoming Levels 

    According to CoinPedia’s technical analysis, PEPE has broken out of a bullish flag and pole price action pattern on the four-hour timeframe. In technical analysis, a flag and pole breakout is considered a strong bullish signal, often prompting traders and investors to initiate trades following the breakout.

    Based on recent price action and historical momentum, if PEPE successfully closes a four-hour candle above the $0.0000222 level, there is a strong possibility it could surge by 65% to reach the $0.000036 level in the coming days.

    However, PEPEโ€™s bullish thesis will remain valid only if the meme coin closes a four-hour candle above the mentioned level, otherwise, it may fail.

    Currently, the meme coin is trading above the 200 Exponential Moving Average (EMA) on both the four-hour and daily timeframes. Meanwhile, its Relative Strength Index (RSI) indicates a potential upside rally in the coming days.

    Current Price Momentum

    At press time, PEPE is trading near $0.000020 and has experienced a price surge of over 5.10% in the past 24 hours. During the same period, its trading volume increased by 18%, indicating heightened participation from traders following the bullish breakout.

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