Pepe jumps 10% as the price reclaims the 50% Fibonacci level. With EMAs hinting at a golden cross and rising derivatives inflows, a breakout toward $0.000015 is possible.
As meme coins gradually gain momentum, Pepe is up nearly 10% over the past 24 hours. With the uptrend strengthening, can Pepe reclaim the $0.000015 psychological level? Let’s find out.
Pepe Price Analysis
On the daily timeframe, Pepe faced resistance at the 61.8% Fibonacci level near $0.00001470 due to strong selling pressure. The decline tested the 200-day EMA, forming a long-tailed doji candle at $0.00001107 on Saturday, May 31.
Since then, the memecoin has reversed its course, forming four consecutive bullish candles and reclaiming the 50% Fibonacci level at $0.00001227. With this short-term recovery, Pepe is attempting to regain a key support level amid increasing momentum.
Additionally, this recovery supports the formation of a golden cross between the 50-day and 200-day EMA lines, while the rising 100-day and 200-day EMAs hint at a potential bullish crossover.
Despite these bullish signals, the daily RSI line, currently at 51, shows a downward trend as it hovers near the midline. However, with Pepe maintaining a position above the 50% Fibonacci level, the RSI could soon rise above the midpoint, signaling growing bullish strength.
According to the Fibonacci retracement levels, immediate resistance for Pepe lies at $0.00001470, followed by the 78.6% Fibonacci level at $0.00001903. On the downside, key support remains at the 200-day EMA ($0.00001107), followed by the psychological level at $0.000010.
Optimism Builds in Pepe Derivatives
Over the past 24 hours, optimism in the Pepe derivatives market has increased significantly. Open interest (OI) is up 6.47% to $537.96 million. Additionally, the OI-weighted funding rate has turned positive, currently at 0.0095%.
This derivatives data indicates growing bullish sentiment, supported by a spike in short liquidations, which suggests bearish traders are being squeezed out.
In the last 24 hours, short liquidations totaled $2.33 million, while long liquidations were limited to $719.44k.
The long-to-short ratio of 1.0165 points to a greater number of long positions, according to CoinGlass data. This supports the likelihood of an extended rally for Pepe.
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