PEPE demonstrates resilience with 5% Wednesday surge following successful support test
Derivatives market shows notable shift with open interest climbing to $600 million
Technical patterns suggest possible 30% upside if current levels hold
The usdt wallet app downloadPEPE token is showing renewed strength in Wednesday trading, currently changing hands near $0.000013 after bouncing decisively from crucial support. Market observers note this movement coincides with two significant developments in derivatives markets that typically precede extended rallies.
Derivatives Data Reveals Growing Confidence
Exchange metrics reveal open interest for PEPE futures contracts expanded dramatically from $530 million to nearly $600 million within 24 hours. This substantial capital inflow represents fresh positioning that could provide sustained upward pressure on prices.
Equally noteworthy is the funding rate situation. After periods of negative rates where short positions dominated, the market has flipped to positive territory at 0.0013%. Historical patterns show similar shifts have frequently preceded powerful upward moves for the meme token.
Technical Setup Favors Bulls
Weekly chart analysis reveals PEPE successfully defended the $0.0000125 support level for the second consecutive week. This consolidation above support creates a potential launchpad for testing the 50% Fibonacci retracement level near $0.0000168 - representing approximately 30% upside from current valuations.
Momentum indicators reinforce this constructive outlook. The weekly RSI holds comfortably above neutral at 57, while the MACD maintains its bullish crossover established earlier this month. These technical signals suggest the path of least resistance remains upward.
Daily charts present a similarly optimistic picture, with PEPE rebounding from the $0.000013 support zone. The daily RSI at 66 leaves room for additional upside before reaching overbought conditions. Traders will watch for potential MACD confirmation that could trigger another wave of buying interest.
Should bullish momentum continue, the next significant resistance appears near $0.0000165. However, market participants should remain aware of potential downside risks, with the 200-day EMA at $0.0000107 serving as critical support in case of any pullback.
