• Pepe price is up 20% over the last 24 hours, breaching the upper boundary of a bearish technical formation at $0.00000071.
  • During the same time, open interest is up 13.92 million, rising from $12.57 million to $26.49 million.
  • With a 15% climb in sight, a 320% increase in trading volume increases the odds for a continued move north.

Pepe coin (PEPE) appears to have reawakened, testing the upper boundary of a bearish channel with prospects from more gains but it all depends on how much holders are willing to delay their profit appetite.

Also Read: Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Opportunity will come and patience will be rewarded

Pepe open interest rises 110%

Pepe price is up 20% in the last 24 hours, testing the upper boundary of a descending parallel channel at $0.00000071. The recovery rally comes after a 645% fall, with the meme coin trapped within the confirms of the bearish chart pattern. While an uptrend seems likely, PEPE remains in the woods until a confirmed break and close above the $0.00000073 resistance level. Such a move would constitute a 15% climb above current levels.

With the Relative Strength Index (RSI) and the Awesome Oscillator (AO) moving up, momentum seems to be rising, which tips the odds further in favor of the bulls.

PEPE/USDT 1-day chart

Data from cryptocurrency derivatives data analysis platform, Coinglass, shows that open interest for PEPE has recorded a 110% increase to record a $13.92 million change. Specifically, it moved from $12.57 million to $26.49 million between September 22 and 23.

PEPE Open Interest

A rise in open interest, constituting the total sum of short and long positions, indicates new money is coming into the market, thusly, a bullish sign. It increases the odds for a continuation of the current trend. It also points to a renewed interest in PEPE coin among token holders, as it translates to the number of people opening positions outweighing the number of those closing.

Santiment, a behavior analytics platform for cryptocurrencies, corroborates the bullish outlook, showing increased activity on metrics of exchange inflows, outflows, and the number of whale transaction count with more than 100,000 USD in their accounts.

PEPE Santiment

The many inflows and outflows to exchanges points to increased investor activity. Wintermute Trading, a large market-making company, moved 8.3 trillion PEPE to central exchanges in the transfers it made today. At current rates, this is worth approximately $5.5 million.

On the other hand, a crypto whale with the short wallet address 0x9d5 actively collected large amounts of PEPE from exchanges, while many PEPE tokens worth at least $100,000 were transferred to the exchanges during the day. This could be a sign of intention to sell, and threatens the upside potential for PEPE.

Increased seller momentum could see Pepe price fall back into the grasp of the channel at $0.00000071, with the potential to invalidate the bullish case once PEPE breaks and closes below the $0.00000070 level. Such a move would constitute a 30% fall. 

Open Interest, funding rate FAQs

How does Open Interest affect cryptocurrency prices?

Higher Open Interest is associated with higher liquidity and new capital inflow to the market. This is considered the equivalent of increase in efficiency and the ongoing trend continues. When Open Interest decreases, it is considered a sign of liquidation in the market, investors are leaving and the overall demand for an asset is on a decline, fueling a bearish sentiment among investors.

How does Funding rate affect cryptocurrency prices?

Funding fees bridge the difference between spot prices and prices of futures contracts of an asset by increasing liquidation risks faced by traders. A consistently high and positive funding rate implies there is a bullish sentiment among market participants and there is an expectation of a price hike. A consistently negative funding rate for an asset implies a bearish sentiment, indicating that traders expect the cryptocurrency’s price to fall and a bearish trend reversal is likely to occur.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP