Pepe (PEPE), the popular and world's third-largest meme coin, is regaining its lost support levels. Amid a recovering cryptocurrency market, PEPE shows a 13% rally.
PEPE Technical Analysis and Upcoming Levels
According to expert technical analysis, PEPE is currently at a level with a history of price reversals and rallies. If it holds the $0.0000062 level, it could rise by 60% to $0.000010 in the coming days. However, the meme coin remains below the 200 Exponential Moving Average (EMA), indicating a downtrend.
Current Price Momentum
PEPE is currently trading near $0.00000635, gaining 13% over the past 24 hours. Trading volume has also increased by 15%, indicating heightened interest from traders and investors.
Traders Over-Leveraged Positions
With a bullish outlook, traders have increased their positions in the past 24 hours. Data from Coinglass shows that PEPE’s Open Interest has soared by 24%. Traders are heavily positioned at $0.0000061 and $0.0000065. They have built $2.85 million in long positions and $1.26 million in short positions.
PEPE is regaining lost ground, attracting trader interest. However, the persistent downtrend and over-leveraged positions are significant factors for future developments.
