Over the past day, the price of #pepe
has increased by 20%, breaking over the $0.00000071 upper limit of a negative technical formation.
Open interest increased by 13.92 million within the same period, going from $12.57 million to $26.49 million.
A 320% rise in trade volume raises the likelihood of a prolonged move north with a 15% climb in sight.$PEPE
coin (PEPE) appears to be reawakening as it tests the top of a bearish channel with potential for further increases, but this will all rely on how much the holders are willing to postpone taking their profits.
Open interest in Pepe increases by 110%
The price of pepe has increased by 20% over the past day and is currently testing the $0.00000071 upper limit of a parallel falling channel. After a 645% decline, there has been a comeback rally, and the meme coin is still imprisoned inside the confirms of the bearish chart pattern. Despite the likelihood of an uptick, PEPE is still in the red until it confirms a break and closure above the $0.00000073 resistance level. This action would represent a 15% increase over existing levels.
The Awesome Oscillator (AO) and Relative Strength Index (RSI) are trending higher, suggesting that momentum is increasing, further favouring the bulls.
According to statistics from Coinglass, a platform for analysing cryptocurrency derivatives data, open interest for PEPE has increased by 110% to $13.92 million. From September 22 and 23, it specifically increased from $12.57 million to $26.49 million.
An increase in open interest—the total of all short and long positions—means more money is entering the market, which is a positive sign. That raises the likelihood that the current trend will continue. The fact that more people are accepting job openings than are resigning further suggests that token holders have a renewed interest in the PEPE coin.
The positive prognosis is supported by Santiment, a platform for behaviour analytics for cryptocurrencies, which shows increased activity on metrics of exchange inflows, outflows, and the number of whale transactions with more than 100,000 USD in their accounts.
The abundance of transactions into and out of exchanges suggests increased investor activity. With the transfers it performed today, Wintermute Trading, a sizable market maker, shifted 8.3 trillion PEPE to major exchanges. This is worth around $5.5 million at the current exchange rate.
However, a crypto whale with the short wallet address 0x9d5 was actively accumulating huge sums of PEPE from exchanges, and during the day, a large number of PEPE tokens, totaling at least $100,000, were transferred to the exchanges. This could indicate a desire to sell, which would limit PEPE's opportunity for growth.
Increasing selling pressure might cause the price of Pepe to reenter the channel at $0.00000071, invalidating the bullish argument if PEPE breaks and closes below $0.00000070. A 30% fall would result from such a shift.