During the previous week, the cryptocurrency Pepe [PEPE] witnessed a significant drop, falling by 3.47%. However, prior to this decline, PEPE had been on an upward trend, posting a 37.43% surge on a monthly basis.
Since reaching $0.0000119, PEPE has faced challenges in sustaining its upward momentum. On weekly charts, the memecoin has been moving horizontally, indicating a potential breakout.
At present, PEPE is trading at $0.000009705. This represents a 2.21% increase in the last 24 hours. Furthermore, the market capitalization of the memecoin has grown by 1.90% to reach $4.09 billion during the same period.
These recent price fluctuations and overall gains have instilled optimism in the future of PEPE. Therefore, the decline seen on weekly charts might be a temporary setback before a possible uptrend.
Evaluating PEPE’s trends
According to analysis by CryptoCrypto, PEPE is currently testing a crucial resistance level at $0.00001. Despite facing multiple rejections at this level, the present market conditions could pave the way for a potential price surge.
On another note, PEPE’s adjusted DAA divergence has maintained a positive trend over the past week, indicating an increasing demand and a possible reversal of the downtrend.
It is likely that a shift towards an upward direction is on the horizon, considering the undervaluation of the memecoin and the delayed reaction of prices to the improving fundamentals.
Moreover, the Funding Rates Aggregated by Exchange have turned positive, standing at 0.006% at the time of writing after being in the negative territory the day before.
Given that the Funding Rate has predominantly been positive in the recent week, it indicates a higher demand for long positions compared to shorts.
Furthermore, the OI Weighted Funding Rate displays a similar trend, suggesting a changing market sentiment as investors start to trust in the potential of the memecoin.
As per Coinglass’ data, Open Interest has risen by 2.88% to $140.15 million within the past 24 hours. This indicates that investors are opening new positions in anticipation of further price hikes.