Can Pepe Reach $1? Traders Return After 20% Gain
Open interest for PEPE has recovered as cryptocurrencies rebound, and the price has risen 2.2% in 24 hours to $0.00000683.
CoinGlass data reveals contract volumes have risen to $241 million in three days. It's up 18% over the prior three-day average.
Open interest indicates traders' interest in asset price speculation. Recently, PEPE trade volumes have surged to around $600 million, accounting for a sixth of the token's circulating supply.
PEPE has gained 1.8% in the last week, while Dogecoin (DOGE) and Shiba Inu (SHIB) have lost 1.7% and 0.2%, respectively.
The cryptocurrency is 76% below its December 2018 high of $0.00002825. Can it reach $1? Charts may indicate whether this is possible.
If Support Holds, PEPE Could Reach ATHs in Coming Months
PEPE has been bearish since December's all-time highs, according to the weekly chart.
PEPE has spent two months in a downtrend as sellers extract profits from the surge the last three times it has risen to record levels and retreated, then recovered strongly off its lows and gained 200% to 372%.
Weekly pepe chart
PEPE may have reached a local low since the token found high demand around $0.00000580 during the most recent selling binge.
Based on recent rallies, this might push the token toward its all-time high.
The MACD's histogram suggests a slowdown in the negative momentum that drove PEPE to its present levels, suggesting a positive future.
Four straight mild red bars have appeared in the previous four weeks, and the RSI has plateaued after 37.
PEPE is likely to rebound strongly in the next months if $0.00000580 holds.
While such a milestone may seem far off given its current price, crypto history is full of unexpected rallies and apparently impossible milestones broken, particularly in meme coins.
PEPE may follow early Dogecoin or Shiba Inu gains if demand persists and market mood improves.