Pepe's price soared to an all-time high of $0.0000275 on Monday, after rising more than 18% in the previous week. PEPE open interest has reached record levels, indicating fresh buying in the market. The technical outlook suggests a continued rally towards an all-time high of $0.0000336.
Pepe (PEPE) soared to an all-time high (ATH) of $0.0000275 on Monday after gaining 18% over the past week. The rise in open interest signals fresh buying in the market, and the technical outlook points to a possible rally towards $0.0000336.
Pepe's market capitalization exceeds $11 billion
The frog-themed meme coin's recent rally has pushed its market cap to over $11 billion, according to data from CoinGecko.
Pepe's chart. Source: CoinGecko
PEPE futures open interest (OI) on the exchange rose from $251.7 million on Saturday to $370.44 million on Monday, reaching its highest level since its launch in April 2023, according to Coinglass data. . An increase in OI means new or additional funds are flowing into the market. There has also been some new buying, suggesting that Pepe's price may rise in the future.
PEPE open interest chart. Source: Coin Glass
Pepe price prediction: PEPE's upward trend is likely to continue
Pepe price broke above the downtrend line on Saturday and has risen more than 22% in several days. On Monday, PEPE reached an all-time high (ATH) of $0.0000275 before falling back.
If PEPE continues its uptrend, the next target will be $0.0000336, which is the 141.40% Fibonacci extension level from the November 4th low of $0.0000077 to the November 14th high of $0.0000260.
The relative strength index (RSI) on the daily chart is 68, hovering close to the overbought level of 70. Traders should be careful when increasing their long positions, as the likelihood of a decline in prices has increased. Still, the RSI is very stable, so the rally could continue and the indicator could rise further within overbought levels. If the RSI decisively breaks out of overbought territory, a clear sell signal will occur.
PEPE/USDT daily chart
