PEPE forms a bullish pennant; breakout above $0.00001535 could target $0.000020 next.
Futures open interest nears $600M, showing rising trader confidence and market activity.
Whale holdings rise to 4.02T PEPE as exchange balances fall, signaling bullish accumulation.
Pepe (PEPE) is consolidating within a bullish pennant pattern on the 4-hour chart, following a sharp rally earlier this month. Traders are watching closely, as a confirmed breakout to the upside could lead to a substantial 50–100% price rally. Technical indicators and derivatives data both point to growing momentum in favor of bulls.
Price Action Strengthens with Bullish Technical Indicators
PEPE has gained over 5% this week, now trading near $0.0000139. According to analysis prepared by Bitcoinsensus via X, the price action is forming a bullish pennant, which typically signals continuation in an uptrend. The pattern includes a strong rally followed by a tight consolidation, setting the stage for the next move.
Support remains firm at the $0.0000125 level, where the price has held since last week. According to Coinglass, open interest in PEPE futures rose from $530 million to nearly $600 million, suggesting growing investor confidence. The Relative Strength Index on the daily chart stands at 66, while the weekly chart reads 57, both above the neutral 50 level.
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The MACD indicator is also turning positive on multiple timeframes, and a crossover on the daily chart could support further upside. If PEPE breaks above the $0.00001535 level, it may target the $0.000020 level next, based on Fibonacci retracement levels.
Market Sentiment and Whale Accumulation Boost Bullish Outlook
On-chain data shows strong whale activity. According to Santiment, wallets holding between 10 million and 100 million PEPE now hold 4.02 trillion tokens, up from 3.9 trillion in February. At the same time, exchange balances have dropped, with Nansen reporting that centralized exchange holdings fell from 253.47 trillion to 247.8 trillion in one week.
The funding rate flipped positive on May 8 and continues to rise. According to CW8900, if PEPE breaks the current sell wall, there may be no major resistance until $0.000025. This aligns with the growing bullish sentiment seen across both spot and futures markets.
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