Pepe Coin (PEPE) Price Gearing Up for an Epic Rebound as the General Digital Asset Market Enters a Bullish Rally

According to market data, PEPE coin surged by 5.11% in the last 24 hours to trade at $0.000008823. Within the same time frame, investors’ interest spiked by 58.72% to $1.27 billion.

Pepe coin (PEPE) price is gearing up for an epic rebound as the general digital asset market enters a bullish rally. The meme coin has recorded significant gains lately and appears ready to sustain the momentum.

This move could support it in removing one zero from its price.

PEPE coin price surges amid rising investor interest

According to market data, PEPE coin surged by 5.11% in the last 24 hours to trade at $0.000008823. Within the same time frame, investors’ interest spiked by 58.72% to $1.27 billion.

The frog-themed meme coin had dipped to $0.000008352 in earlier trading before a strong bounce back to maintain its recent bullish climb.

PEPE has registered a significant 22.98% price growth in the past seven days. Similarly, the coin has posted an 11.51% growth rate in the past 30 days. That helped it breach its previous resistance level of $0.000007874.

PEPE had faced several rejections as the meme coin repeatedly fluctuated wildly towards the resistance, only to prove unsuccessful. However, with the sudden shift in the broader cryptocurrency market dynamics, PEPE was not left behind in the list of assets witnessing a rally.

The notable surge in investor interest suggests that the current rally will linger if market participants sustain the momentum. The ecosystem’s ability to sustain the momentum will determine whether PEPE has what it takes to erase zero.

If the meme coin succeeds in wiping out one zero, it could begin its journey towards its previous All-time High (ATH) price levels.

PEPE’s Open Interest spikes as traders pile in

According to CoinGlass data, Pepe’s Open Interest has risen by 4.62% in the last 24 hours. The increase followed the rekindling of interest in the meme coin. That saw investors continue to bet on the futures of the frog-themed asset.

Traders committed 40.59 trillion PEPE worth approximately $383.38 million on different exchanges. Gate.io traders account for more than half of the Open Interest, with 51.7% translating to 22.57 trillion PEPE valued at $198.23 million.

Bitget followed in a distant second with 21.33%, which amounts to 9.35 trillion PEPE valued at $81.81 million. According to historical data from CryptoRank, PEPE has an average growth of 321.8% in April. This month, the highest price leap for the memecoin was registered.

The average performance of PEPE so far is currently at 24.3%. If history repeats itself behind this bullish momentum, the meme coin could post staggering price gains.

Amid these bullish developments, PEPE’s total liquidation is $2.99 million, with short position traders recording greater liquidation. PEPE’s short position liquidation was $1.80 million, compared to its long position liquidation, which was $1.19 million.

Those figures suggest that in the last 24 hours, more traders were not betting on this breakout for the memecoin. However, with the recent outlook, the market could see more investors committing funds as signaled by the Open Interest uptick.

Analyst predicts FOMO-driven PEPE price breakout

Interestingly, there have been optimistic projections of how high PEPE could rise during the ongoing rally. James Wynn, a meme coin maximalist relying on PEPE’s technical analysis, predicted that a significant rally is in the making.

This would be triggered by the hype surrounding the performance of the meme coin and a potential FOMO rally.

However, PEPE would likely experience a small reversal after hitting resistance around $0.00001 before a strong breakout. The analyst considers $0.00001000 the short-term psychological level that PEPE must breach before things begin to improve.

He believes the rally will be confirmed once the memecoin breaks into the $0.00001050 zone. If that prediction holds, PEPE might eliminate one zero and be on the path to massive gains for holders.