#PepeCoin (PEPE) has recently surpassed 463,000 unique holders, marking a significant milestone in the token's rapid adoption and signaling growing retail interest. As memecoins experience renewed momentum across the Ethereum ecosystem, PEPE has emerged as a leading candidate for a potential breakout. Supported by strong on-chain metrics, technical indicators, and increasing derivative activity, market sentiment appears to be shifting in favor of a bullish continuation.

Technical Setup Signals Imminent Breakout

At the time of writing, $PEPE is trading around $0.00001252, reflecting a modest 1.68% gain over the past 24 hours. While this movement may appear subdued, technical analysts are closely watching a textbook cup-and-handle formation taking shape on the daily chart—often interpreted as a bullish continuation pattern.

The key resistance level at $0.00001580 represents the neckline of this setup. A confirmed breakout above this level, particularly with strong volume, could open the door for a swift move toward the $0.000030 zone.

Supporting this outlook are bullish signals from the Average Directional Index (ADX) and Directional Indicators:

+DI currently stands at 35.3, significantly higher than the -DI at 12.7, suggesting strong buying momentum.

The ADX reads 23.0, indicating a trend that is gaining strength but is not yet overextended—ideal conditions for a sustained upward move.

Derivatives Data Reflects Bullish Sentiment

Derivatives markets further validate growing optimism:

Open Interest has climbed 8.20% to $705.27 million, showing increased capital entering speculative positions.

Futures volume surged 60% to $3.67 billion, highlighting a surge in trading activity.

The funding rate remains positive at 0.0107%, indicating traders are paying a premium to maintain long positions—a clear signal of bullish conviction.

Such figures reflect not only increased trader participation but also a willingness to maintain exposure despite rising costs.

On-Chain Metrics Point to Broadening Adoption

Beyond price action, PEPE’s on-chain metrics reveal robust network growth:

New wallet addresses have increased 39.01%, while active addresses rose 38.43%, signaling expanding community engagement.

Zero-balance wallets spiked 42%, suggesting high token turnover and fresh user acquisition.

Notably, large transaction volume—often associated with institutional or "whale" activity—rose 6.63%, hinting at accumulation by more sophisticated market participants.

This combination of retail enthusiasm and large-holder interest forms a potent backdrop for a potential price breakout.

Key Level to Watch: $0.00001580

Despite the bullish setup, a decisive move above the $0.00001580 resistance level is essential to confirm the next leg higher. Without a breakout, the current rally may lose momentum, leading to potential consolidation or a short-term pullback.

Investors and traders should monitor trading volume and wallet activity as leading indicators. Sustained increases in both will strengthen the bullish case.

Conclusion

PEPE’s recent surge in holder count, combined with bullish chart patterns, robust derivatives activity, and on-chain growth, presents a compelling case for an impending rally. While the technical setup is promising, confirmation through a breakout above resistance will be crucial. If achieved, PEPE could quickly target the $0.000030 level, marking a significant move in the ongoing memecoin resurgence.

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