#MarketPullback PEPE Price Prediction: Cup & Handle Setup Flashes – $1 Pepe Soon? (MIND):
Pepe (PEPE) is the second-best performing token in the past 30 days among the top 5 meme coins, with gains of nearly 60%, as the entire category has experienced a major recovery. As a result, PEPE has managed to trim its year-to-date (YTD) to just 26.5%.
Similarly, well-established meme coins like Bonk (BONK) and Dogecoin (DOGE) have seen the price of their tokens rise by 40.5% and 26.3% respectively during this same period.
Open interest in PEPE futures has skyrocketed to record levels according to data from Coinglass even though the token is still trading 48% below its all-time high.
There are nearly $700 million worth of PEPE-linked futures contracts in circulation at the time. Back in December 8, when the token surged to its current record price, open interest was around half of this figure.
This emphasized the strong interest that traders have in PEPE at the moment. This also favors a bullish Pepe price prediction and could indicate the beginning of a strong bullish cycle that could push this meme coin to retest its all-time highs.
Pepe Price Prediction: Cup and Handle Could Produce a 64% Gain
In the past 24 hours, Pepe has experienced a 0.2% drop and currently stands at $0.00001461. This pullback has completed the formation of a bullish pattern that could result in sizable gains once a breakout is confirmed.
The daily chart shows a cup-and-handle pattern that has been forming since January, with a well-defined neckline set at around $0.00001470.