- 63.02% of top traders on Binance are going long on PEPE.
- $5.17 million worth of the PEPE outflow from the exchanges was recorded.
Despite uncertain market sentiment, Pepe [PEPE], the third-largest memecoin, appears bullish and primed for an upward move.
This optimism stems from its strong price action and consistent support from on-chain metrics. Both factors reinforce its positive outlook.
At press time, the memecoin was trading near $0.00000745 and had gained 1.20% in the past 24 hours. However, due to ongoing consolidation, traders and investors seem hesitant to engage with the token.
This reluctance has led to reduced trading activity. As a result, PEPE’s trading volume has dropped by 15% within the same period.
PEPE price action and key level
According to AMBCrypto’s technical analysis, PEPE appeared to be forming a bullish double-bottom price action pattern on the daily time frame.
Additionally, it recently broke out of a descending trendline that had been acting as resistance since late March 2025.
Source: TradingView
Following the breakout, the memecoin rose over 10% despite ongoing hurdles and market uncertainty. Moreover, PEPE’s price is still poised for a 20% upside move in the coming days.
Source: TradingView
Additionally, if this upside momentum continues and PEPE closes its daily candle above the $0.0000091 level, the rally could extend further, potentially reaching the next resistance level at $0.000014. This indicates that the memecoin still has room for an 85% upside rally.
At the time of writing, PEPE was trading below the 200-day Exponential Moving Average (EMA) on the daily time frame. This technical indicator suggests that the memecoin is in a downtrend and currently holds weak momentum.
Alongside its bullish price action, a crypto expert recently highlighted PEPE’s historical performance on X (formerly Twitter). The expert noted that in October 2024, PEPE surged over 100% after breaking out of a symmetrical triangle pattern.
This time, the memecoin has successfully exited a descending channel pattern. Based on this breakout, the expert anticipates a similar upward move.
$5.17 million worth of PEPE outflow
This bullish outlook appears to be further supported by trader and investor activity, as reported by the on-chain analytics firm Coinglass.
Data from Spot Inflow/Outflows revealed that exchanges have witnessed an outflow of $5.17 million worth of the PEPE memecoin, indicating potential accumulation.
Such outflows from exchanges can create buying pressure and support a further upside rally.
Source: Coinglass
63% traders go long on PEPE
Notably, 63.02% of top traders on Binance, the world’s largest cryptocurrency exchange, were going long on PEPE, while the remaining were holding short positions.
Data further reveals that memecoin’s Long/Short Ratio stood at 1.70, indicating strong bullish sentiment among traders.
Source: Coinglass
When combining these on-chain metrics with technical analysis, it appears that the bulls are back and currently dominating the memecoin, while short sellers seem to be exhausted.