Pepe Coin Reawakens with a $14 Million Rise in Open Interest

Pepe coin

Pepe Coin Surges 20%

Pepe Coin (PEPE) has awakened from its slumber, experiencing a substantial 20% surge in price over the last 24 hours. This surge has seen the coin breach the upper boundary of a previously bearish technical formation, reaching a price of $0.00000071. The renewed vigor in Pepe Coin’s performance has piqued the interest of investors, with potential gains on the horizon. However, the extent of these gains depends on the willingness of holders to delay their profit-taking.

Source – TradingView

Open Interest Surges by 110%

Simultaneously, open interest in Pepe Coin has seen an astonishing increase, soaring by 110%. Open interest, representing the total sum of both short and long positions, has risen from $12.57 million to an impressive $26.49 million between September 22 and 23. This substantial rise in open interest is indicative of fresh capital flowing into the market, a promising sign for the bulls. It also signifies renewed enthusiasm among Pepe Coin holders, with more investors opening positions than closing them.

Technical Outlook and Bullish Momentum

Pepe Coin’s price surge of 20% in the last 24 hours has led it to test the upper boundary of a descending parallel channel at $0.00000071. Although the meme coin had previously experienced a significant 645% fall, the recent uptrend suggests potential further gains. However, the confirmation of a bullish trend would require Pepe Coin to break and close above the resistance level at $0.00000073, a move that could result in a 15% climb from its current levels.

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Positive indicators such as the Relative Strength Index (RSI) and the Awesome Oscillator (AO) moving upwards suggest that momentum is building, favoring the bullish scenario.

Increased Activity and Bullish Signals

Data from cryptocurrency derivatives analysis platform Coinglass indicates the 110% rise in open interest for Pepe Coin, reflecting an influx of new funds into the market and signaling a bullish sentiment. Additionally, metrics from Santiment, a behavior analytics platform for cryptocurrencies, support the bullish outlook. Increased activity in terms of exchange inflows, outflows, and whale transaction counts exceeding $100,000 in their accounts suggests heightened investor interest.

While some large transactions to central exchanges were noted, indicating a bullish stance, a crypto whale with a significant PEPE collection from exchanges could potentially introduce selling pressure, affecting the coin’s upward potential.

Conclusion

Pepe Coin’s recent resurgence, marked by a 20% price increase and a substantial rise in open interest, presents a hopeful outlook. However, the cryptocurrency market remains volatile, and the extent of Pepe Coin’s gains will depend on various factors, including investor sentiment and the willingness of holders to delay profit-taking. Traders are advised to exercise caution and closely monitor market developments as Pepe Coin navigates this period of increased activity and potential price volatility.

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Pepe Coin Surges 20% Pepe Coin (PEPE) has awakened from its slumber, experiencing a substantial 20% surge in price over the last 24 hours. This surge has seen the coin breach the upper boundary of a previously bearish technical formation, reaching a price of $0.00000071. The renewed vigor in Pepe…

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