Pepe Coin (PEPE) has seen a significant price increase over the past week, demonstrating strong bullish momentum in the cryptocurrency market.
Pepe Coin Price Increase and Key Levels Surpassed
Pepe Coin’s price has surged by 68% in a week, reaching $0.00001453. This movement has pushed Pepe above the 200-day Exponential Moving Average and the 61.80% Fibonacci level, indicating a potential bullish trend.
Open Interest in PEPE Futures Rises
The recent rise in Pepe Coin has been accompanied by an increase in open interest in PEPE futures, nearing $600 million. This rise suggests increasing trader confidence and the potential for further price fluctuations. Over $1 million in short positions was liquidated in the last 24 hours, further supporting the upward movement.
Strong Spot Inflows Indicate Sustained Demand
According to Coinglass, an influx of $18.55 million into spot markets indicates strong buying pressure. Such significant inflows often suggest that larger investors are accumulating the asset, supporting potential price increases.
In summary, Pepe Coin shows significant growth and positive trends in the market. Sustained demand and strong support levels may indicate the possibility of further price increases.
