Pepe [PEPE] has faced a notable drop of 3.47% in the past week, after a significant surge of 37.43% on the monthly charts. The memecoin struggled to maintain its upward momentum after reaching $0.0000119, with sideways trading indicating a potential breakout.
Currently, Pepe is trading at $0.000009705, showing a 2.21% increase in the last 24 hours. The memecoin’s market cap has also grown by 1.90% to reach $4.09 billion in the same period, instilling optimism in its future potential.
Despite the weekly chart decline, recent price movements and overall gains provide hope for Pepe investors. The current pullback may serve as a precursor to another upward trend in the coming days.
Analyzing PEPE’s Performance
As per the analysis by CryptoCrypto, Pepe is currently testing a critical resistance level at $0.00001. The memecoin has faced rejections at this level, but the prevailing market conditions suggest a potential price surge in the near future.
PEPE’s adjusted DAA divergence has remained positive, indicating a rising demand and a likelihood of reversing the recent downtrend. The memecoin’s undervaluation and the strengthening fundamentals further support an imminent upward reversal.
The Funding Rates Aggregated by Exchange have turned positive to 0.006%, following a period of negativity. Continued positive funding rates throughout the week indicate a preference for long positions over shorts.
Moreover, the OI Weighted Funding Rate reflects a shift in market sentiment towards Pepe’s prospects as investors regain confidence in the memecoin’s potential.
Coinglass data reveals a 2.88% increase in Open Interest to $140.15 million in the past 24 hours, suggesting growing investor interest and anticipation of further gains in the memecoin market.