#PEPE Price Forecast:
Bullish momentum builds as open interest, funding rate support rally hopes
PEPE price jumps over 5% on Wednesday after rebounding from a key support level the previous day.#BinanceSquareFamily
On-chain data shows rising open interest and a flip to positive funding rates, signaling strong bullish sentiment. The technical outlook on daily and weekly charts indicates a potential double-digit gain ahead.
#BinanceHODLerHAEDAL
Pepe’s bullish sentiment is on the rise
Coinglass’ data shows that the futures’ OI in PEPE at exchanges rose to $599.98 million on Wednesday from $530 million on Tuesday. An increasing OI represents new or additional money entering the market and new buying, which could fuel the current PEPE price rally.
#listen : If the weekly level at $0.0000125 remains strong, PEPE could extend the rally to retest the 50% Fibonacci retracement level (drawn from the December high of $0.0000283 to the March low of $0.0000052) at $0.0000168, nearly 30% higher than current levels.
The Relative Strength Index (RSI) on the weekly chart reads 57, above its neutral level of 50, indicating bullish momentum. Additionally, the Moving Average Convergence Divergence (MACD) on the weekly chart showed a bullish crossover in early May. It also shows rising green histogram bars above its neutral zero line, suggesting bullish momentum gaining traction and continuing an upward trend.
