PEPE, a meme coin, has broken out of a falling wedge pattern, signaling a potential short-term rally towards $0.00001600.
Derivatives data and short-term optimism support the bullish sentiment for PEPE, with open interest rising and shorts getting liquidated.
PEPE's long-term trend reversal remains intact, with a Q2 breakout from a long-term downtrend and strong whale support indicating further upside potential.
Analysts suggest that if PEPE closes above $0.00001600 with strong confirmation, it could pave the way for a move towards $0.00002800 in the long term.