PEPE, a meme-based cryptocurrency, has gained significant traction in the crypto space due to its strong community-driven approach. With around 800K followers on X (formerly Twitter), the coin has maintained a loyal user base, which has played a crucial role in its price action. Over the past few weeks, PEPE has demonstrated signs of a bullish reversal, bouncing off key support levels and showing an increase in futures open interest.
PEPE’s recent price action saw it rise to $0.000008960, marking a 73% increase from its lowest point this year. This resurgence in price coincides with a broader recovery in the crypto market and growing investor interest.
Key Technical Indicators and Price Movement
One of the major technical patterns observed in PEPE’s price chart is the rejection of the $0.0000054 support level. This level has historically served as a strong demand zone, preventing further declines. PEPE’s rebound aligns with past price cycles, where it consolidated before making a substantial upward move, similar to what was observed in November 2024’s weekly candle.
Another bullish signal for PEPE is the falling wedge breakout pattern that formed recently. This pattern typically suggests a reversal in bearish momentum, leading to potential upside movement. Additionally, the Relative Strength Index (RSI) has climbed to 60, indicating growing bullish momentum, while the MACD lines are nearing the zero line, further reinforcing the positive sentiment.
The 50-day Exponential Moving Average (EMA) has also been breached, signaling a short-term trend reversal. If the price continues to hold above this level, it could confirm a sustained upward movement toward the next key resistance at $0.00001700 in the next 25 weeks.
Futures Open Interest and Investor Sentiment
A critical factor supporting PEPE’s rally is the surge in futures open interest, which has risen to $324 million from $166 million earlier this month. This 95% increase suggests that more traders are entering the market with leveraged positions, often considered a strong indicator of growing bullish sentiment.
Another important metric is exchange reserves, which have declined by 0.73% in the past week to 240.7 trillion tokens, indicating that investors are moving their holdings off exchanges. This behavior suggests that investors are holding for the long term rather than selling, which reduces selling pressure and supports price appreciation.
Additionally, top PEPE holders remain confident in their positions, with the most profitable trader still holding 91% of their tokens and the next three leading traders maintaining nearly 100% of their holdings. This high conviction among large investors further reinforces a strong bullish outlook.
Broader Market Trends and Future Price Targets
PEPE’s recent price action aligns with the overall improvement in the crypto market sentiment. The Crypto Fear & Greed Index has climbed from 18 to 34, moving out of the extreme fear zone and reflecting a shift toward optimism.
The next major target for PEPE is $0.00001717, which coincides with the 50% Fibonacci retracement level. If the price successfully breaks this resistance, it could pave the way for a potential move toward its previous all-time high. Given the strong community support, increasing investor accumulation, and bullish technical indicators, PEPE appears poised for a strong performance in the coming months.
PEPE’s recent price action saw it rise to $0.000008960, marking a 73% increase from its lowest point this year. This resurgence in price coincides with a broader recovery in the crypto market and growing investor interest.
Key Technical Indicators and Price Movement
One of the major technical patterns observed in PEPE’s price chart is the rejection of the $0.0000054 support level. This level has historically served as a strong demand zone, preventing further declines. PEPE’s rebound aligns with past price cycles, where it consolidated before making a substantial upward move, similar to what was observed in November 2024’s weekly candle.
Another bullish signal for PEPE is the falling wedge breakout pattern that formed recently. This pattern typically suggests a reversal in bearish momentum, leading to potential upside movement. Additionally, the Relative Strength Index (RSI) has climbed to 60, indicating growing bullish momentum, while the MACD lines are nearing the zero line, further reinforcing the positive sentiment.
The 50-day Exponential Moving Average (EMA) has also been breached, signaling a short-term trend reversal. If the price continues to hold above this level, it could confirm a sustained upward movement toward the next key resistance at $0.00001700 in the next 25 weeks.
Futures Open Interest and Investor Sentiment
A critical factor supporting PEPE’s rally is the surge in futures open interest, which has risen to $324 million from $166 million earlier this month. This 95% increase suggests that more traders are entering the market with leveraged positions, often considered a strong indicator of growing bullish sentiment.
Another important metric is exchange reserves, which have declined by 0.73% in the past week to 240.7 trillion tokens, indicating that investors are moving their holdings off exchanges. This behavior suggests that investors are holding for the long term rather than selling, which reduces selling pressure and supports price appreciation.
Additionally, top PEPE holders remain confident in their positions, with the most profitable trader still holding 91% of their tokens and the next three leading traders maintaining nearly 100% of their holdings. This high conviction among large investors further reinforces a strong bullish outlook.
Broader Market Trends and Future Price Targets
PEPE’s recent price action aligns with the overall improvement in the crypto market sentiment. The Crypto Fear & Greed Index has climbed from 18 to 34, moving out of the extreme fear zone and reflecting a shift toward optimism.
The next major target for PEPE is $0.00001717, which coincides with the 50% Fibonacci retracement level. If the price successfully breaks this resistance, it could pave the way for a potential move toward its previous all-time high. Given the strong community support, increasing investor accumulation, and bullish technical indicators, PEPE appears poised for a strong performance in the coming months.
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Trade forex, indices, stocks and metals with up to US$100.000 in company's funding.
Complete a challenge to access funding or go for instant deposit.
Trading involves substantial risk. Not financial advice
Complete a challenge to access funding or go for instant deposit.
Trading involves substantial risk. Not financial advice
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.