- PEPE confirmed a bullish reversal pattern, while new and active addresses surged by 38%.
- Derivatives data showed rising leverage and liquidations, but whales remained cautious.
Pepe [PEPE] has confirmed a textbook inverse head and shoulders breakout, signaling a potential trend reversal after months of stagnation.
At the time of writing, it traded at $0.000009184, marking a 12.23% gain in the past 24 hours as it tests a critical neckline resistance at $0.0000093.
A decisive breakout at this zone could catalyze a 63% rally, positioning the meme token for a run toward $0.00001500.
The liquidation heatmap reveals a buildup of short positions just beneath the current price, suggesting that further upward momentum could result in more liquidations, reinforcing the bullish pressure.
If bulls manage to flip this resistance into support, it would provide a solid technical foundation for sustained growth.
Source: TradingView
Is network growth supporting price action?
On-chain metrics paint a constructive picture, with participation across the board rising sharply.
Over the past week, new and active wallet addresses each jumped by 38%, while zero-balance addresses climbed 40.03%, pointing to increased wallet creation and transactional churn.
This surge in activity reflects growing investor interest at the grassroots level, aligning with the broader bullish narrative. Such trends often precede significant price movements as they signal renewed attention, capital inflows, and potential user adoption.
Source: IntoTheBlock
While retail enthusiasm appears to be on the rise, large holders remain cautious. Data shows a -2.88% drop in large transactions, indicating that whales are not yet fully aligned with the current momentum.
Adding to this divergence is the near-even split in sentiment, with 144 bulls versus 155 bears over the past week.
This balance highlights a lack of clear conviction at the institutional level, often a sign of uncertainty or strategic positioning. Until whale behavior aligns with retail flow, the risk of pullbacks during resistance retests may linger.
Is leverage signaling bullish continuation?
Meanwhile, the derivatives market shows a more optimistic stance. Open Interest has surged 20.68% to $396.56 million, reflecting a spike in leveraged positioning.
Traders appear to be leaning bullish, especially as the recent wave of short liquidations below the $0.000009 threshold has cleared resistance zones.
With leverage building and shorts getting wiped, bulls may find it easier to sustain momentum. This shift in trader positioning adds further confidence to the technical breakout, reinforcing the possibility of extended upside in the short term.
Source: Coinglass
Can PEPE sustain this momentum toward $0.00001500?
The overall setup favors a continued move higher, but sustained momentum remains the key determinant.
With PEPE trading just under the neckline at $0.0000093, bulls must maintain pressure and confirm a daily close above this critical level to validate the breakout.
However, cautious behavior from large holders and balanced sentiment across the market introduce a layer of uncertainty.
Therefore, while the conditions support a rally toward $0.00001500, PEPE’s ability to convert current resistance into a launchpad will ultimately decide the next leg of its rally.
