PEPE price has hit $0.000015 with strong bullish momentum. Traders are now eyeing $0.000021, as derivative data shows record-long positions.
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With the total crypto market cap rising to $3.3 trillion, the meme coin sector has surged by nearly 8%, reaching $76 billion. Among the top-performing meme coins, PEPE has gained over 80% in the past seven days.
Currently, the meme coin is nearing a breakout at the psychological resistance level of $0.000015. If the uptrend continues, technical indicators support the possibility of PEPE surpassing the $0.000020 milestone.
Pepe Price Analysis
With an intraday surge of nearly 10%, Pepe is trading at the $0.000015 mark. As the trend continues, starting with a morning star pattern on May 7, the meme coin has increased by nearly 90%.
The sudden boost in bullish momentum comes amid the broader market recovery. Furthermore, on the daily chart, the recovery in Pepe has marked a bullish breakout of a symmetrical triangle pattern. This is confirmed by the 35% surge on May 8, surpassing the long-standing resistance trendline.
Additionally, the meme coin surpassed the 200-day EMA line near the $0.000010 psychological mark. At present, the meme coin rally has overcome the 67.80% Fibonacci level at $0.00001426.
As Pepe continues to form strong bullish candles, the rising influence teases a potential bullish crossover in the 50 and 100 EMA lines. Additionally, the MACD and signal lines maintain a positive trend after the recent crossover. Hence, the technical indicators support the chances of Pepe maintaining a bullish trend this week.
With the breakout of the 61.80% Fibonacci level, the 78.60% level at $0.00001870 is the immediate price target, hinting at a 25% upside potential. Additionally, based on the triangle breakout, Pepe could reach $0.00002162.
Hence, the technical analysis supports the possibility of Pepe surpassing the $0.000020 psychological mark. Conversely, a potential pullback will likely reach the 50% Fibonacci level at $0.00001178.
Derivative Data Supports Bullish Trend as Open Interest Hits Record High
As the bull run in Pepe continues, Binance traders are extremely optimistic about the meme coin. At present, CoinGlass data shows 66% of Binance traders holding a long position, pumping the long-to-short ratio based on accounts to 2.01.
Additionally, the increased trading activity is highlighted by a 24.51% surge in open interest in Pepe’s open interest, reaching $672.64 million. This marks a new all-time high in Pepe’s open interest, while the short liquidation over the past 24 hours reached $3.25 million.
DisClamier:
This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect @Lachakari_Crypto opinion. Readers are encouraged to do thorough research before making any investment decisions. @Lachakari_Crypto is not responsible for any financial losses.
