Pepe coin price jumped more than 20% on Monday, climbing to nearly $0.00000406 amid renewed interest in memecoins. The frog-themed cryptocurrency rebounded after weeks of downward movement and found strong support from bullish traders. The buyers defended the key support level multiple times, which indicated their trust in the possibility of a short-term trend reversal.
In a few days, Pepe had developed a consistent upward building and burst out of a narrow band. That release led to new purchasing impetus in the market. Trade volume shot up to nearly 300% a day and hit over $950 million.
Why Is Pepe Coin Price up Today?
The wider cryptocurrency market also recorded gains, rising roughly 3.35% to a total valuation near $2.52 trillion. Bitcoin price moved above $73,500 while Ethereum climbed back past $2,200, strengthening market sentiment. Pepe significantly outperformed most digital assets and ranked among the strongest performers within the top 100 cryptocurrencies.
Analysts believe the risk appetite in financial markets is being supported by the easing of geopolitical tensions between the United States and Iran. Meanwhile, the memecoin market kept growing, and Dogecoin, Shiba Inu, and Bonk also reported significant price growth. The overall memecoin market capitalization increased to $33.31 billion.
PEPE Rally Gains Momentum, Analysts Eye $0.00000500 After Strong Breakout
The PEPE price pumped to $0.00000407 after a strong breakout above the $0.00000390 resistance zone.
Four hour charts depict a steep bullish candle that propelled the memecoin to the highest point in the week.
Technical indicators also went up to the positive as the momentum improved in the recent trading session.
The MACD indicator has shown a bullish and definite crossover with the bars on the histogram growing upwards.
In the meantime, the RSI had reached 78 which indicated a very strong momentum yet on the verge of overbought.
If momentum continues, traders expect the next upside target near the $0.00000450 resistance level.
A stronger rally could push the Pepe coin long-range prediction toward the psychological $0.000005 zone.
Source: PEPE/USDT 4-hour chart: TradingviewHowever, analysts warn that short-term cooling may occur after such a rapid upward spike.
The current support is around $0.00000390 which was used as resistance in the process of consolidation. Should the price fall below that mark, the following support level is around the $0.00000350.
Pepe Derivatives Activity Explodes as Open Interest Hits $240M
Pepe derivatives activity surged sharply this week as trading interest around the meme coin accelerated.
Trading volume of derivatives increased over 433% to about $1.40 billion in the major trading platforms.
The spike indicates that traders are starting to stack futures in favor of short term price movements of the trendy meme asset.
Source: CoinglassOpen interest increased, too, by approximately 16% to $240 million in open contracts.
Increased open positions are typically a sign of increased involvement and increased liquidity in the larger derivatives market.
Source: https://coingape.com/markets/pepe-coin-price-surges-20-how-high-can-it-go-in-march/
