Pepe Price Surges 5% as Open Interest Grows: Could This Signal a New ATH?

Pepe has seen a notable surge in its value over the past 24-hours. The token hovers above $0.00001265, with bullish investors eyeing further gains.  As of the reporting time, Pepe price hovered at $0.00001265 during the U.S. trading hours, increasing 6%. 

According to CoinMarketCap data, the market cap has also risen by 6% to reach $5 billion, positioning Pepe as the 22nd largest cryptocurrency by market capitalization.  Additionally, trading volume has increased significantly by 38% within the last day, totaling around $1.1 billion, suggesting heightened activity and interest in the meme-inspired token.

Pepe Price Sees Positive Shift Amid Market Optimism

Over the past week, PEPE price has experienced a notable 8% increase. The chart demonstrates significant volatility in its trading pattern, marked by sharp rises and dips within this short period. Pepe’s lowest and highest prices within the last 24 hours have been $0.00001171 and $0.00001282 respectively. 

Despite recent gains, it remains 26% below its all-time high of $0.00001718, reached two months ago on May 27, 2024. The coin has had an astonishing year-on-year increase of 4556.42%, reflecting a surge since last year’s valuation of $0.00002764.

Growing Open Interest Indicates Strong Market Sentiment

According to Coinglass, the open interest (OI) for PEPE has surged by 15% to $156 million within four hours. This significant increase suggests that a growing number of traders are opting for long positions in PEPE, highlighting an optimistic market outlook.

Furthermore, the recent approval of the spot Ether ETF has led to considerable buying of Ether-based tokens, PEPE included. As this ETF continues to attract attention, we might see similar trends that could potentially boost PEPE’s value even further.

In a contrasting scenario, other prominent meme coins such as Shiba Inu (SHIB), Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK) appear to be facing challenges. This development marks a distinct difference in market dynamics among top meme cryptocurrencies.

Can Pepe Rally Over $ 0.00002 This Week?

With the significant price surge, Pepe’s resistance level is at $0.000013. If surpassed, the value could rise to $0.000015 and reach $0.00002 by the next bullish run. Increased bullish momentum might drive the meme coin to $0.00005 in the next bullish phase. 

On the other hand, growing bearish pressure could drop Pepe price to a support level of $0.000012. The main support sits at $0.000011, with a stronger base at $0.00009.

The daily technical indicator for Pepe shows a bullish signal in the near term. The Moving Average Convergence Divergence (MACD) shows a bullish crossover with the signal line beneath the MACD line and the histogram moving into positive territory, suggesting increasing buying momentum.  The Relative Strength Index (RSI), currently at 60, stays within the neutral zone but leans towards the overbought boundary.

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