• 63.02% of top traders on Binance are going long on PEPE.
• $5.17 million worth of the PEPE outflow from the exchanges was recorded.

Despite uncertain market sentiment, Pepe [PEPE], the third-largest memecoin, appears bullish and primed for an upward move.

This optimism stems from its strong price action and consistent support from on-chain metrics. Both factors reinforce its positive outlook.

At press time, the memecoin was trading near $0.00000745 and had gained 1.20% in the past 24 hours. However, due to ongoing consolidation, traders and investors seem hesitant to engage with the token.

This reluctance has led to reduced trading activity. As a result, PEPE’s trading volume has dropped by 15% within the same period.

PEPE price action and key level 

According to AMBCrypto’s technical analysis, PEPE appeared to be forming a bullish double-bottom price action pattern on the daily time frame.

Additionally, it recently broke out of a descending trendline that had been acting as resistance since late March 2025.

Following the breakout, the memecoin rose over 10% despite ongoing hurdles and market uncertainty. Moreover, PEPE’s price is still poised for a 20% upside move in the coming days.

Additionally, if this upside momentum continues and PEPE closes its daily candle above the $0.0000091 level, the rally could extend further, potentially reaching the next resistance level at $0.000014. This indicates that the memecoin still has room for an 85% upside rally.

At the time of writing, PEPE was trading below the 200-day Exponential Moving Average (EMA) on the daily time frame. This technical indicator suggests that the memecoin is in a downtrend and currently holds weak momentum.

Alongside its bullish price action, a crypto expert recently highlighted PEPE’s historical performance on X (formerly Twitter). The expert noted that in October 2024, PEPE surged over 100% after breaking out of a symmetrical triangle pattern.

This time, the memecoin has successfully exited a descending channel pattern. Based on this breakout, the expert anticipates a similar upward move.

$5.17 million worth of PEPE outflow 

This bullish outlook appears to be further supported by trader and investor activity, as reported by the on-chain analytics firm Coinglass. 

Data from Spot Inflow/Outflows revealed that exchanges have witnessed an outflow of $5.17 million worth of the PEPE memecoin, indicating potential accumulation.

Such outflows from exchanges can create buying pressure and support a further upside rally.

63% traders go long on PEPE

Notably, 63.02% of top traders on Binance, the world’s largest cryptocurrency exchange, were going long on PEPE, while the remaining were holding short positions.

Data further reveals that memecoin’s Long/Short Ratio stood at 1.70, indicating strong bullish sentiment among traders.

When combining these on-chain metrics with technical analysis, it appears that the bulls are back and currently dominating the memecoin, while short sellers seem to be exhausted.