PEPE Coin (PEPE) Primed for a Major Rally in the Fourth Quarter of 2024: Captain Faibik

PEPE Coin (PEPE) has been under close observation by traders and analysts alike after breaking below a key support level.

Crypto traders and analysts have been keeping a close eye on PEPE Coin (PEPE) after it dropped below a key support level.

The drop marked a new low for September, but there is still optimism for a significant price rebound.

According to Captain Faibik, a crypto analyst, the token may be gearing up for a major rally in Q4 2024.

His prediction suggests,

“$PEPE Still Consolidating inside the Bullish Symmetrical Triangle & Still I’m Bullish on it..!! Looks Primed for another +300% Bullish Rally in Q4.”

At press time, PEPE was trading at $0.057447 with a 24-hour trading volume of over $1.1 billion. This marked a 5.03% price increase in the last 24 hours.

However, the token’s future trajectory continues to pique the market’s interest, despite a 1.26% decrease in price over the past seven days.

Surprising observation from Futures market activity

PEPE’s price movement is closely tied to the Futures market activity, as evidenced by the latest liquidation map from Coinglass.

The cumulative short liquidation leverage is notably higher than the long liquidation leverage.

Short positions totaling around 20 million USDT are at risk of liquidation if the price increases, indicating that a large portion of traders are betting on further price drops.

This imbalance could create upward pressure, as a price rally might trigger a cascade of short liquidations, potentially driving the price higher.

Futures traders should thus be prepared, especially as the strong presence of short positions means that sudden upward movement could accelerate gains for PEPE if liquidation levels are breached.

Transaction activity and market sentiment

Furthermore, IntoTheBlock data revealed fluctuations in large transactions involving PEPE between 2 September and 9 September.

The highest transaction activity occurred on 6 September, with 217 large transfers, while 3 September saw only 80 transactions.

Over the last 24 hours, 103 large transactions were recorded, indicating moderate market activity as traders awaited clearer signals for PEPE’s next move.

Address activity also provided some insights into PEPE’s expanding user base. As of 9 September, the number of PEPE addresses had reached 3.18k, with 585 new addresses created over the past week.

In fact, active addresses increased by 6.54% – A sign of growing interest in the token despite its recent price struggles. On the contrary, the creation of new addresses slowed by 13.84%, indicating mixed market sentiment.

Key technical indicators – Resistance and momentum

A glance at PEPE’s daily chart showed that the coin has been attempting to recover from its recent price drop. At press time, it was trading just below two crucial resistance levels— The 50-day EMA at 0.00000839 and the 100-day EMA at 0.00000897.

For PEPE to confirm a bullish reversal, it needs to break above these levels. Failure to do so could lead to further price stagnation or a sustained downward trend.

Meanwhile, the Relative Strength Index (RSI) stood at 46.55, indicating neutral momentum but leaning slightly bearish.

This might place PEPE in a delicate position, especially with the MACD indicator also signaling weakening bearish momentum. However, the MACD line seemed to be approaching a bullish crossover, which, if completed, could support a potential price hike.

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