Today, February 14, 2025, the overall cryptocurrency market seems to be recovering, including Bitcoin (BTC) and Ethereum (ETH), which are currently influencing other major cryptocurrencies.
Amid this bullish market sentiment, Pepe (PEPE), the most popular and third-largest crypto meme coin, soared significantly and is on the verge of breaking out with bullish price action.
With bullish market sentiment, PEPE is currently trading near the $0.00001022 level and has experienced a price surge of over 5% in the past 24 hours. Despite this bullish outlook, trader and investor participation seems lower, resulting in a 30% drop in trading volume.
According to expert technical analysis, PEPE has formed a bullish inverted head and shoulders price action pattern on the four-hour chart. However, with the recent gain, the price has reached the breakout level.
Based on the recent price action and historical pattern, if this price rally continues and PEPE breaches the pattern and closes a four-hour candle above the $0.0000105 level, there is a strong possibility that the meme coin could soar by 20% to reach the $0.000013 level in the future.
Another thing that traders and investors need to know about this pattern is that it has formed at a crucial support level of $0.000009, which has a history of price reversals, and which experts and analysts are currently expecting.
This bullish price action has attracted investors and long-term holders, and they seem to be accumulating the meme coin, as reported by the on-chain analytics firm Coinglass.
Data from spot inflow/outflow revealed that exchanges have witnessed an outflow of a significant $10.50 million worth of PEPE meme coin in the past 48 hours, which hints at potential accumulation by long-term holders and investors, potentially causing buying pressure and upside momentum.
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