PEPE Price Forecast: As Open Interest hits a fresh all-time high, PEPE bulls gather steam
Pepe price advances around 70% in the previous week and continues its increases on Monday.
Monday's PEPE Open Interest sets a fresh all-time high according to CoinGlass statistics.
Targeting the $0.000016 mark, the technical view points to a rally continuing.
Pepe (PEPE) price is extending its gains by 5% at Monday after surging around 70% in the previous week. Monday's PEPE open interest, which indicates fresh trading activity, topped $595.36, a new all-time high according to CoinGlass statistics. Targeting the $0.000016 level, the technical view for the meme currency with frog motif points to a rally continuation.
According to Coinglass's statistics, the OI in PEPE for the futures at exchanges jumped from $398 million on Thursday to $595.36 million on Monday, a fresh all-time record.
Coinglass's Pepe long-to---short ratio, which comes out at 1.09, the highest level in more over a month, also shows great optimism.
Pepe Forecast: Pepe targets the $0.000016 level.
At $0.000009 on Thursday Pepe price broke and closed above its 100-day Exponential Moving Average (EMA), gained over 64% till Saturday and finished above its daily resistance level at $0.000013. The following day, however, it had a backlash; support was discovered at this daily level instead. Monday's writing date marks still trading up by 5% at around $0.000014.
Should PEPE keep on its upward trend, it might extend the surge to retest its next daily resistance at $0.000016. A good closure above this level will stretch an extra gain toward its $0.000021 January 18 peak.
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