PEPE (PEPE) Could Soar 50%, if It Gives a Breakout of Both Consolidation Zone and the Resistance Level

PEPE's OI has increased by 8% in the last 4-hour, and over the last 24 hours, it is up by 3. If PEPE's price falls below $0.0000077 level, nearly $5 million of long positions will be liquidated.

Cryptocurrency prices experienced a downturn on August 8, 2024, following a massive rally. However, some assets, like Pepe (PEPE), continue to attract attention due to their unique price performance. As a result, crypto experts are sharing PEPE's bullish chart to highlight a potential upcoming rally.

Pepe (PEPE) price might soar 50% if it gives a breakout from consolidation zone

According to recent observations, PEPE's price has been consolidating within a narrow range after a recent decline. This consolidation might be a crucial factor for an upcoming rally.

Moreover, PEPE's price experienced a remarkable upside rally after breaking out of a consolidation zone following a price decline, as noted by a prominent trader in a post on X (Previously Twitter) back in April 2024. Currently, PEPE's chart shows a similar consolidation after a recent decline.

He added that we may see a similar rally once this consolidation area breaks.

At press time, PEPE's price is trading around $0.0000081, showing a price surge of over 7% in the last 24 hours. Despite this impressive price surge, PEPE's trading volume declined by 11% during the same period. This decline in trading volume might indicate fear and lower participation from traders.

As of now, PEPE's open interest (OI) is increasing. In the last 4-hours, its OI has increased by 8%, and over the last 24 hours, it is up by 3%, as per an on-chain analytic firm CoinGlass.

According to expert technical analysis, PEPE is at a crucial resistance level of $0.0000084, near the 200 Exponential Moving Average (EMA) on a daily time frame. Additionally, it has been consolidating within a tight range for four consecutive days, between $0.0000069 and $0.00000822 levels.

If PEPE gives a breakout of both the consolidation zone and the resistance level, there is a high chance it could soar 50% to the $0.0000126 level or even higher in the coming days.

Currently, most cryptocurrencies are experiencing major breakouts and have seen remarkable upside moves since the market crashed. However, PEPE remains in a consolidation zone, which is a positive sign for a potential upcoming rally.

Major liquidation level

As of now, the PEPE's major consolidation zone is at near $0.0000077 on the lower side and $0.00000848 on the upper side.

If it gives a breakout and soars to the $0.00000848 level, nearly $860K worth of short positions will be liquidated. Conversely, if PEPE's price falls below the $0.0000077 level, nearly $5 million of long positions will be liquidated. This higher leverage on the long side indicates that bulls are controlling the situation, while the short seller looks exhausted.

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