Cryptocurrency markets regained momentum last weekend, revitalizing numerous digital currencies including Pepe Coin. The increasingly popular meme token experienced an 84% increase in price, rising from $0.00000115 to $0.00000215, and witnessed a significant influx over the past four days.
162% Increase in PEPE
In the midst of PEPE’s rally, buyers breaking through the neckline resistance of an inverse head and shoulders formation could signal a major shift in market dynamics. The cryptocurrency’s recent price correction trend, in line with renewed buying interest in the broader markets and increased inflow into Spot Bitcoin ETFs, dropped to $0.00000086. The positive turnaround in PEPE’s price led to a 162% increase within two weeks, reaching a 10-month high of $0.0000023.
However, much of this growth was achieved in the last two days, and experts are highlighting it on the daily chart with two long green candles. During the same period, PEPE’s Open Interest Weighted Funding Rate showed a significant increase from 0.0169% to 0.12% according to cryptocurrency analytics firm Coinglass. This notable rise could indicate investors’ increased willingness to pay more to hold long positions in PEPE.
Momentum in PEPE’s Price
This situation could suggest that the market is on an upward trend and there are expectations for the token to reach higher prices in the future. Analysis of the daily time chart could show that the recent price increase broke the neckline resistance of inverse head and shoulders formations. This chart pattern is well-known for indicating a trend reversal due to the shift of market dominance from sellers to buyers. With exchange transactions at $0.00000218, PEPE’s price needs to sustain above the breached neckline around $0.00000163. Under the influence of the mentioned pattern, this meme token is gearing up to target $0.00000288, which could mean a potential 30% gain.
