🐸 $PEPE Heating — Bullish sentiment gains momentum
After bouncing from a crucial support level on Tuesday, PEPE rises by over 5% on Wednesday.
A bullish attitude is shown by the increase in open interest and positive funding rates on-chain.
Technical indicators on the daily and weekly charts suggest a double-digit increase.
On Wednesday, Pepe (PEPE) increased by over 5% to reach 0.000013 $ after rebounding from a crucial support level. Trader confidence and the potential for an increase are shown by the rise in Open Interest (OI) and favorable funding rates. Daily and weekly technical analysis suggests a double-digit increase for the meme coin themed around the frog.
Pepe is becoming more optimistic.
Coinglass data reveals that the OI of PEPE futures contracts climbed to $599.98 million on Wednesday, up from $530 million on Tuesday. The increase in OI indicates fresh money entering the market and buying, which could accelerate the price rise of PEPE.
Long positions are benefiting short positions as the metric climbed to 0.0013% on Wednesday. As on May 8, Pepe's price significantly increased when funding rates are positive, as shown in the figure below.
PEPE Price Forecast: Bulls gain momentum
Since last week, Pepe's weekly chart price has retested and found support around $0.0000125. PEPE is trading around $0.000013 $ on Wednesday, maintaining the current level.
PEPE could climb to the 50% Fibonacci retracement level (drawn from the December high of $0.0000283 $ to the March low of $0.0000052) at $0.0000168, about 30% higher than current levels, if the weekly level at $0.0000125 $ holds.
The weekly RSI is at 57, above its neutral level of 50, suggesting bullish momentum.
