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Cryptocurrencies are showing strength today as the total market cap nears $3.28 trillion. Among the best performers are meme coins, which continue to attract interest among traders.
Pepe coin price has soared nearly 40% on Monday, reaching the $0.000014 level.
Technical Analysis of Pepe
After a bearish trend that pushed the price down by more than 70% from the highs of around $0.000025, Pepe coin finally showed signs of a bullish turnaround.
With the frog-themed meme coin showing fresh bullish momentum, technical signals suggest that there is potential for around 65% upside.
Two massive bullish candles have been formed on the daily chart, kicking off the price recovery in style. The meme coin gained nearly 35% on May 8, and it’s up 20% in the past eight hours.
After bouncing off the 38.20% Fibonacci retracement level at $0.0000133, the short-term recovery has gained pace. The 24-hour high is at $0.000013933, which is just shy of the $0.000014 resistance.
The 50% Fibonacci level is the next immediate resistance at $0.00001584. Meanwhile, the falling wedge breakout suggests that the price could surge toward the 78.60% Fibonacci level at $0.000021.
The MACD and signal lines have formed a positive crossover, and this supports the bullish outlook. Moreover, the supertrend indicator has flipped bullish, showing that the current trend is likely to continue.
On the downside, the 23.60% Fibonacci level, which is near the psychological support of $0.000010, will be crucial. Breaking below this level would invalidate the bullish trend and could lead to a retest of the $0.000008832 support level.
Rising Open Interest and Funding Rate
As the crypto market sees increased bullish activity in the derivatives space, Pepe has experienced a nearly 40% surge in open interest. According to Coinglass, PEPE’s OI now stands at $633 million. This spike has also pushed the funding rate up to 0.0105%.
The rise in both open interest and funding rate indicates that bullish sentiment is increasing. To support this, short liquidations in Pepe over the past 24 hours have neared $13 million.
As Pepe bulls maintain their dominance in the derivatives market, a leverage-driven rally could propel the token’s price even higher.
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