Pepe (PEPE) coin price surged almost 35% on May 8, reclaiming the $0.000010 psychological level. The explosive move caught investors off guard, fueling conversations around a new meme coin season. With the bullish transformation, the PEPE open interest nears a new all-time high, projecting a congregation of leverage traders. Will the rising sentiments propel the PEPE coin price by an additional 22%?
Pepe Price Analysis Targets $0.000013344
Pepe coin price rally sprouted with a long-legged doji candle on May 6, completing a morning star pattern. The reversal pattern led to a near 35% PEPE rally on May 8, printing a strong-bodied bullish candle. General market sense signals broader trend shifts with such a pattern.
At present, Pepe coin trades at $0.00001091, levels last seen on February 4. However, the meme coin now experiences a small breather with a 1.84% intraday pullback.
Crossing above the 200-day Exponential Moving Average (EMA), Pepe hints at an extended uptrend. Catching the attention of momentum traders, the positive crossover in the MACD and signal lines aligns with the optimistic viewpoint.
Based on the Fibonacci levels, the bull run exceeds the 23.60% level at $0.00001025 and eyes the 38.20% level at $0.000013344. This projects an additional upside of 22% from the current PEPE price and promotes the hopeful PEPE coin price prediction.
Pepe Price Chart
However, a potential retest of the 23.60% level risks a 6% downside and loss of the 200-day EMA. Such common pullbacks test investors’ conviction. A failure to hold this support floor warns of an 18% PEPE slip to $0.000008832 retest.
Binance Traders are Extremely Confident as Open Interest Nears All-time High
As meme coins resurface after months of muted action, Pepe leads the way with a sentiment-driven surge in derivatives. The Open Interest (OI) of PEPE has hit $531 million, nearing its all-time high of $555 million as a bullish crowd in.
Pepe Open Interest
Additionally, the OI weighted funding rate spikes to 0.0118%, mirroring the bullish trade volume surge. The bearish shakedown of $5.71M in short positions bolsters the optimism.
Binance Long/Short (Accounts)
Over Binance, the hopium leads to 65% of traders holding long PEPE positions, pumping the long/short ratio to 1.86. As long positions firmly control the derivatives narrative, Pepe coin price could find additional gas to hit the next ceiling.
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