PEPE has captured traders’ attention as its price surges by 90% over the past week, reaching $0.000015. The meme coin is now eyeing the psychological resistance level of $0.000020, as derivative data indicates record-long positions.
PEPE Price Analysis: Aiming for $0.000020
Pepe’s price rally began with a morning star pattern on May 7, leading to a substantial 90% gain. The surge is further highlighted by a 35% breakout on May 8, surpassing the symmetrical triangle pattern’s resistance trendline. Currently, PEPE is trading at $0.000015, having crossed the 200-day EMA at $0.000010 and the 67.80% Fibonacci retracement level at $0.00001426.
If the bullish momentum persists, the next target lies at the 78.60% Fibonacci level of $0.00001870, representing a 25% upside potential. Additionally, based on the triangle breakout, PEPE could reach $0.00002162, marking a critical psychological milestone.
Open Interest Hits Record High as Bulls Dominate
Derivative data suggests that traders remain bullish on PEPE, as open interest reaches a record $672.64 million. According to CoinGlass, 66% of Binance traders currently hold long positions, pumping the long-to-short ratio to 2.01. This surge in open interest indicates that market participants expect further gains, with $3.25 million in short liquidations recorded in the past 24 hours alone.
Will PEPE Break $0.000020?
Technical indicators suggest that PEPE remains in a bullish phase. The ongoing uptrend is supported by a bullish crossover in the 50 and 100 EMA lines, while the MACD and signal lines maintain a positive trajectory. However, traders should watch for potential pullbacks to the 50% Fibonacci level at $0.00001178 in the event of profit-taking.
Also Read: PEPE Coin Breaks 200 EMA with 35% Rally – Will Binance Traders’ 22% Target Hold?
With strong bullish momentum and record-high open interest, PEPE could soon challenge the $0.000020 resistance level. A successful breakout could propel the meme coin toward the $0.00002162 target, positioning PEPE for another major rally.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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