Connect with us
Active Currencies 14880
Market Cap $2,227,052,547,215.50
Bitcoin Share 50.92%
24h Market Cap Change $1.39

PEPE’s weekend pump hit +10% – Can it push forward?

2min Read

PEPE’s recent pump hit the mid-range hurdle. Sellers could see +15% gains if price falters at the mid-range.

Share this article

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • PEPE pumped +10% on the daily trading session on 22 September. 
  • Open Interest rates spiked, confirming demand in the derivatives segment. 

Pepe [PEPE] fronted a surprise weekend pump of 14.5% on 22 September. But the memecoin’s further appreciation could face challenges after hitting a confluence of roadblocks. It begs the question, will it present sellers with opportunities?


Is your portfolio green? Check out the PEPE Profit Calculator 


Can PEPE clear the 50-EMA and mid-range hurdles?

PEPE

Source: PEPE/USDT on TradingView

Since 11 September, PEPE oscillated between $0.00000060 – $0.00000070. The pump tipped PEPE to grace a high of $0.00000074, flipping the lower and higher timeframe market structures bullish.

But the pump hit a confluence of 50-EMA and the mid-range ($0.00000069) and could risk +10% gains. Although the weakening Bitcoin [BTC] could influence a price reversal, it wasn’t obvious, given a negative correlation in the past 30 days.  

In the meantime, the CMF was above zero, indicating substantial capital inflows into the PEPE market. In addition, the RSI crossed the 50-mark, further underscoring the recent spike in buying pressure. 

However, the downticks on both metrics could indicate buyers’ influence waned slightly. If the trend extends, PEPE could ease to $0.00000060 or $0.00000051, a potential 15% or 28% drop. 

Conversely, bulls could hit $0.00000082 or the range-high ($0.00000094) if PEPE convincingly reclaims the mid-range.

Open Interest rates spiked

PEPE

Source: Coinglass

A spike in Open Interest rates followed the recent pump. It indicates a surge in demand for PEPE in the derivative market and a bullish bias. 


How much is 1,10,100 PEPE worth today


Apart from the +22% increase in Open Interest, the Futures market volume jumped +600% at press time. 

The positive readings cemented further price surge was probable. So, tracking whether PEPE reclaims the mid-range is key to gauging the next price direction.  

Share

Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.