🐸 $PEPE Heating Up — Bullish Sentiment Gathers Steam
After recovering from a crucial support level on Tuesday, PEPE rises above 5% on Wednesday.
Bullish attitude is shown by increased open interest and positive financing rates on-chain.
Technical indicators on daily and weekly charts suggest a double-digit rise.
On Wednesday, Pepe (PEPE) rose over 5% to $0.000013 after rebounding from a crucial support level. Trader confidence and upside possibilities are shown by rising Open Interest (OI) and favorable funding rates. The daily and weekly technical analysis suggests a double-digit increase for the frog-themed meme currency.
Pepe is becoming more optimistic.
Coinglass data reveals that PEPE futures OI climbed to $599.98 million on Wednesday from $530 million on Tuesday. OI increases indicate fresh money entering the market and purchasing, which might accelerate the PEPE price surge.
Longs are paying shorts as the metric rose to 0.0013% on Wednesday. Like on May 8, Pepe's price has risen dramatically when financing rates are positive, as indicated in the figure below.
PEPE Price Prediction: Bulls gain momentum
Since last week, Pepe's weekly chart price has retested and found support around $0.0000125. PEPE trades around $0.000013 on Wednesday, maintaining current level.
PEPE might rise to the 50% Fibonacci retracement level (drawn from the December high of $0.0000283 to the March low of $0.0000052) at $0.0000168, roughly 30% higher than present levels, if the weekly level at $0.0000125 holds.
The weekly RSI is 57, above its neutral level of 50, suggesting bullish momentum. The weekly MACD also crossed bullishly in early May. It also has increasing green histogram bars above its neutral zero line, indicating bullish momentum.
Daily charts also predict bullishness. From Monday to Tuesday, pepe price retested its daily support of $0.0000130. As of Wednesday, it's up over 5% to $0.0000139.
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