The popular meme coin Pepe (PEPE) is poised for a notable upside rally, as crypto experts and its on-chain metrics share a positive outlook. Amid this ongoing recovery, a crypto expert shared a post on X (Previously Twitter) that the current price of PEPE is approaching a buy-the-dip opportunity, as it is near the 50% Fibonacci retracement level.
Buy the Dip Opportunity for PEPE?
This post on X gained notable attention from crypto enthusiasts. At press time, PEPE is trading near $0.00001039 and has experienced a price surge of over 3.5% in the past 24 hours. During the same period, its trading volume jumped by 12%, indicating a higher participation from traders and investors compared to the previous days, likely due to the market recovery.
PEPE Technical Analysis and Upcoming Levels
According to the expert technical analysis, PEPE appears bullish and is poised for a notable upside rally. Based on recent performance, if PEPE soars slightly and closes a daily candle above the $0.000011 level, there is a strong possibility it could soar by 22% to reach the $0.0000134 level in the coming days.
As of now, PEPE is trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend. Additionally, its Relative Strength Index (RSI) suggests a potential upside rally, as its value is currently in oversold territory.
PEPE’s Bullish On-Chain Metrics
PEPE’s positive outlook is further supported by on-chain metrics. According to the on-chain analytics firm Coinglass, PEPE’s Long/Short ratio currently stands at 1.026, indicating strong sentiment among traders. Additionally, its future open interest has increased by 5.1% over the last 24 hours and has been growing steadily. This rising open interest suggests heightened interest from investors and traders in the meme coin.
In addition to PEPE, it appears that the overall crypto meme industry is positive, as meme coins like Popcat (POPCAT), Dogecoin (DOGE), and Floki (FLOKI) have experienced notable price surges in the past 24 hours.
