PEPE Coin Soars 35% to $0.00001270 as Open Interest Hits $531M Milestone

PEPE (PEPE), the meme coin with a dash of crypto humor, rallied 35% on May 8, breaking the $0.000010 psychological level for the first time since Feb 4. The move was triggered by a morning star candlestick pattern, a classic reversal formation between May 6-8. This quick surge took PEPE to $0.00001270 before a 1.84% intraday dip as traders took profits.

From a technical standpoint, PEPE broke the 200-day EMA.

MACD is also green.

Next target is the 2.618 Fib extension at $0.00001337. If that’s broken, we could see a bigger move.

Bullish Targets and Key Support

But be cautious as RSI is overbought.

Immediate support is at the 1.618 Fib extension of $0.00001116 which is close to the recent breakout zone.

If that’s broken, we could see a deeper correction with a key risk area at $0.00001071.

Key Levels to Watch:

• Immediate Resistance: $0.00001337 (2.618 Fib)

• Immediate Support: $0.00001116 (1.618 Fib)

• Risk Zone: Below $0.00001071

Trade Setup:

• Buy Above: $0.00001116

• Take Profit: $0.00001337

• Stop Loss: $0.00001071

Derivatives Market Signals Strong Bullish Sentiment

And derivatives market is also showing strong bullish sentiment. Open interest (OI) in PEPE futures is at $531 million, just below the all-time high of $555 million.

Long/short ratio on Binance is 1.86, meaning 65% of traders are long on PEPE.

Additional Derivative Indicators:

• OI-Weighted Funding Rate: 0.0118% (Long dominant)

• Short Liquidations: 5.71M