- PEPE continues its bullish run, gaining 5% on Monday after a 70% rally last week, with Open Interest hitting a new all-time high of $595.36 million.
- Technical indicators suggest the rally could extend toward $0.000016, though overbought conditions may trigger a short-term pullback.
Pepe (PEPE), the frog-themed memecoin, continues its explosive rally into Monday, gaining another 5% after a blistering 70% surge last week. Backed by surging trader interest and strong technical indicators, PEPE appears poised to test new resistance levels in the days ahead.
According to data from CoinGlass, PEPE’s Open Interest (OI) hit a record-breaking $595.36 million on Monday, leaping from $398 million just days earlier. Rising OI typically signals fresh capital entering the market—an encouraging sign for bulls eyeing further upside.
Also read: Bitcoin Price Stalls Below $104K as Trade Deals Disappoint – Is a Breakout Above $109K Coming Soon?
Also boosting confidence is PEPE’s long-to-short ratio, now at 1.09—its highest point in over a month. This metric underscores growing bullish sentiment, with more traders placing bets on continued price appreciation.
Technically, PEPE recently surged past its 100-day Exponential Moving Average (EMA) at $0.000009 and broke above a key daily resistance level at $0.000013. After a brief pullback, the token found support at this level and resumed its uptrend, trading near $0.000014 at the time of writing.
Analysts now target the $0.000016 resistance level as the next key milestone. A successful daily close above this could open the door to January’s peak at $0.000021—a move that would cement PEPE’s bullish breakout.
The daily Relative Strength Index (RSI) currently sits above 70, indicating strong upward momentum. However, this also places PEPE in overbought territory, which may trigger short-term corrections. Still, sustained RSI strength above 70 often signals powerful trending behavior.
Should a pullback occur, the $0.000013 level is expected to act as a critical support zone. Maintaining this base will be essential for bulls to keep momentum alive.
As meme coins continue to defy expectations, PEPE stands out as a trader favorite—riding a wave of speculative enthusiasm and solid technical backing. The coming days will reveal whether this frog has more leaps left in it.
