Pepe (PEPE) Analysis: Can This 12% Rebound Spark a Rally to $0.00003340?

Pepe (PEPE) has been drawing attention as it traded at $0.00002036 at press time, backed by a 24-hour trading volume of $2.45 billion. 

With a circulating supply of 420 trillion tokens, the coin’s market cap currently stands at $8.81 billion. Over the past week, PEPE has recorded a 20.03% increase, indicating growing interest among traders.

Strong Bounce From Fibonacci Zone

A recent analysis by Rose Premium Signals confirms that PEPE successfully rebounded from the 0.786 Fibonacci retracement level at $0.00001515.

This level is now considered a solid support zone and has played a critical role in the coin’s upward trajectory. 

The bounce has already resulted in a 12% price gain, marking the initial phase of what analysts term a bullish recovery.

The Fibonacci zone at $0.00001515 is seen as a key accumulation area, with traders positioning for potential price increases.

PEPE’s upward movement is currently supported by a rising channel, aligning with its next price targets of $0.00002511, $0.00002942, and $0.00003340.

Price and Indicator Overview

PEPE has been trading within a consolidation range, with its price moving between $0.00001917 and $0.00002096 in the last 24 hours.

Over the past seven days, it fluctuated between $0.00001722 and $0.00002126. Resistance is seen at $0.00002559, while strong support is holding near $0.00002000.

Technical indicators suggest neutral-to-bullish momentum. The Relative Strength Index (RSI) stands at 53.19, suggesting neither overbought nor oversold conditions. 

Meanwhile, the Moving Average Convergence Divergence (MACD) shows a bullish crossover, with the MACD line trending above the signal line.

The On-Balance Volume (OBV) of 194.71T indicates steady volume accumulation, supporting further potential price increases.

Derivatives Data Shows Mixed Sentiment

According to Coinglass, open interest in PEPE has increased by 6.84% to $183 million. This suggests traders are actively positioning for the next price movement, despite a recent 35.11% decline in trading volume.

Long/short ratios vary across platforms. Binance’s 24-hour ratio stands at 0.9264, slightly favoring shorts, while OKX reports a ratio of 2.7, heavily skewed toward longs. 

Top traders on Binance show balanced positions, with a slight tilt toward shorts, indicating cautious behavior.

Liquidations Reflect Market Volatility

Liquidation data reveals $2.04 million in liquidations over the last 24 hours, with $1.62 million from longs and $417,770 from shorts.

In the past 12 hours, liquidations totaled $290,140, split almost evenly between longs and shorts. This indicates market volatility as traders adjust their positions.

The data points to PEPE’s ongoing recovery and the potential for further upward movement, though market participants are closely monitoring key support and resistance levels.

FAQs:

What is the current price of Pepe (PEPE)?

$PEPE is trading at $0.00002036 with a market cap of $8.81 billion.

What are the next targets for PEPE?

Analysts project targets at $0.00002511, $0.00002942, and $0.00003340.

What does the RSI indicate for PEPE?

The RSI stands at 53.19, showing neutral momentum without overbought or oversold conditions.