factor
Published: September 28, 2024
- PEPE appeared incredibly bullish and might skyrocket by 30% to reach the $0.0000132 level
- PEPE’s Long/Short ratio, at press time, stood at 1.084– Indicating strong bullish belief amongst traders
PEPE, the marketplace’s third-biggest memecoin, has actually been making waves in the crypto landscape with its considerable cost rise of over 27% in the last 2 days. Following PEPE’s remarkable efficiency, nevertheless, it would appear that Arthur Hayes, ex-CEO of BitMEX, could not withstand himself signing up with the rally.
Arthur Hayes’s huge bet on PEPE
On 27 September, 2024, the on-chain analytics firm lookonchain exposed that Hayes withdrew a significant 24.39 billion PEPE tokens, worth $252,680 from Binance.
This considerable withdrawal from the exchange might be an indication that PEPE’s rally might have simply started and might skyrocket substantially in the coming days.
Present rate momentum
At press time, PEPE was trading near the $0.000001058 level, following a noteworthy cost rise of over 17.2% in the last 24 hours. Ocer the very same duration, its trading volume leapt by 40%, according to CoinMarketCap.
PEPE technical analysis and crucial levels
According to AMBCrypto’s technical analysis, PEPE appeared bullish and looked poised to rally by 30% in the coming days. This belief just recently moved following the breakout from the long coming down trendline and horizontal level of $0.00000875.
Source: TradingView
Based upon the historic rate momentum, after a cost rise of over 27% in simply 2 days, a little cost correction might happen. Over the long term, PEPE might be extremely bullish and might skyrocket by 30% to reach the $0.0000132 level in the coming days.
PEPE’s bullish on-chain metrics
This favorable outlook was more supported by on-chain metrics. According to the on-chain analytics firm Coinglass, PEPE’s Long/Short ratio stood at 1.084, showing strong bullish belief amongst traders.
Source: Coinglass
In addition, its Futures Open Interest increased by 30%, with the exact same gradually increasing given that. This enormous rise in PEPE’s Open Interest is an indication that bulls are possibly constructing bigger long positions, compared to brief ones.
Source: Coinglass
Financiers and traders frequently utilize the mix of increasing Open Interest and a long/short ratio above 1, when constructing long positions. At press time, 51% of leading traders held long positions, while 48.09% held brief positions.
