- PEPE coin jumped 35%, reclaiming $0.000010 as open interest surged to $531M.
- Bullish momentum suggests a potential 22% further rally ahead.
Pepe (PEPE) coin has reignited the memecoin mania with a stunning 35% price surge on May 8, catapulting the token above the key psychological barrier of $0.000010. This explosive rally has pushed investor sentiment into bullish overdrive, as open interest in PEPE derivatives swells to $531 million—just $14 million shy of its all-time high.
The surge began with a textbook bullish reversal pattern—the morning star—formed on May 6, which sent a clear signal to momentum traders. As of now, PEPE trades at $0.00001091, marking a return to levels last seen in early February. Despite a slight intraday pullback of 1.84%, technical indicators suggest that the rally may have more room to run.
Also read: Dogecoin Surges 14% as Bitcoin’s $100K Rally Drives $2B Surge in PoW Sector
A significant bullish cue came as PEPE’s price broke above the 200-day Exponential Moving Average (EMA), typically viewed as a long-term bullish indicator. Additionally, the Moving Average Convergence Divergence (MACD) has crossed into positive territory, reinforcing a potential sustained uptrend.
According to Fibonacci retracement levels, PEPE has already cleared the 23.6% level at $0.00001025 and now eyes the 38.2% target at $0.000013344—a 22% upside from current levels. However, traders must stay cautious: a retest of the 23.6% support level could lead to a 6% dip, and failure to hold that ground risks an 18% fall to $0.000008832.
Fueling the fire is the surge in open interest, which reflects heightened speculative activity. Binance data shows 65% of traders are long on PEPE, pushing the long/short ratio to 1.86. A wave of $5.71 million in short liquidations also hints that bears are being squeezed out, possibly paving the way for another bullish leg.
With technicals, sentiment, and derivatives aligning in PEPE’s favor, the meme coin could be gearing up for another explosive move—provided it clears the next resistance cleanly.
