$PEPE coin price jumps 35% to reclaim $0.000010 as open interest closes to $531M. Could the bullish momentum drive another 22% rally? Pepe (PEPE) coin price increased by almost 35% on May 8, regaining the psychological level of $0.000010.
The explosive move caught investors off guard, fueling talk around a new meme coin season.
With a bullish reversal, PEPE open interest is near a new all-time high, presenting a crowd of profitable traders. Will the rising sentiment drive the PEPE coin price up by an additional 22%?
Pepe Price Analysis Targets $0.000013344
Pepe Coin's price rally started on May 6 with a long-legged doji candle, which completed the morning star pattern.
The reversal pattern led to a PEPE rally of about 35% on May 8, which printed a strong-bodied blush candle. Common market sense indicates a broader trend reversal with such a pattern.
Currently, Pepe Coin trades at $0.00001091, which was last seen on February 4th. However, meme coin is now taking a small breather with a 1.84% intraday pullback.
Crossing above the 200-day exponential moving average (EMA), Pepe indicates an extended trend.
A positive crossover in the MACD and signal lines is consistent with an optimistic outlook, attracting the attention of momentum traders.
Based on the Fibonacci levels, the bull run is above the 23.60% level at $0.00001025 and sees the 38.20% level at $0.000013344.
This offers an additional 22% upside from the current PEPE price and boosts PEPE coin price optimism.
However, a potential retest of the 23.60% level risks a 6% downside and loss of the 200-day EMA.
Such common pullbacks test investor confidence. Failure to hold this support floor warns of a retest of the 18% $PEPE slip at $0.000008832.
Binance traders are highly confident as open interest is near an all-time high.
As meme coins rebound after months of muted action, Pepe leads the way with a sentiment-driven surge in derivatives.
PEPE's Open Interest (OI) has reached $531 million, which is bullishly close to the all-time high of $555 million.
Additionally, the OI-weighted funding rate rose to 0.0118%, reflecting a sharp increase in trading volume. A downside shock of $5.71M in short positions bolsters optimism.
Compared to Binance, Hopium leads to 65% of traders holding long PEPE positions, bringing the long/short ratio to 1.86.
As long as long positions firmly control the derivatives narrative, Pepe Coin's price could find additional gas to reach the next range.
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