PEPE Soars 90%—Can Meme Coin Defy Gravity and Hit $0.000020?
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Open interest spikes to record highs as traders pile into the frog-themed frenzy. Is this another ’number go up’ miracle or just leverage-fueled hopium?
Wall Street analysts remain conspicuously silent—probably too busy shorting it behind closed doors.
Pepe Price Chart
The sudden boost in bullish momentum comes amid the broader market recovery. Furthermore, on the daily chart, the recovery in Pepe has marked a bullish breakout of a symmetrical triangle pattern. This is confirmed by the 35% surge on May 8, surpassing the long-standing resistance trendline.
Additionally, the meme coin surpassed the 200-day EMA line near the $0.000010 psychological mark. At present, the meme coin rally has overcome the 67.80% Fibonacci level at $0.00001426.
As Pepe continues to form strong bullish candles, the rising influence teases a potential bullish crossover in the 50 and 100 EMA lines. Additionally, the MACD and signal lines maintain a positive trend after the recent crossover. Hence, the technical indicators support the chances of Pepe maintaining a bullish trend this week.
With the breakout of the 61.80% Fibonacci level, the 78.60% level at $0.00001870 is the immediate price target, hinting at a 25% upside potential. Additionally, based on the triangle breakout, Pepe could reach $0.00002162.
Hence, the technical analysis supports the possibility of Pepe surpassing the $0.000020 psychological mark. Conversely, a potential pullback will likely reach the 50% Fibonacci level at $0.00001178.
Derivative Data Supports Bullish Trend as Open Interest Hits Record High
As the bull run in Pepe continues, Binance traders are extremely optimistic about the meme coin. At present, CoinGlass data shows 66% of Binance traders holding a long position, pumping the long-to-short ratio based on accounts to 2.01.
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