PEPE Memecoin Rises 2.21% Amid Market Recovery Signs

TLDR

• PEPE has risen 2.21% in the last 24 hours, trading at $0.000009705
• The memecoin experienced a 3.47% decline over the past week
• PEPE’s market cap increased by 1.90% to $4.09 billion in the last day
• Positive adjusted DAA divergence signals rising demand
• Open Interest increased by 2.88% to $140.15 million in 24 hours

The popular memecoin PEPE has shown signs of recovery after experiencing a sharp decline over the past week.

According to recent data, PEPE has risen by 2.21% in the last 24 hours, now trading at $0.000009705. This uptick comes after a 3.47% drop in the past week, which followed a significant 37.43% surge on monthly charts.

PEPE’s market capitalization has also seen a boost, increasing by 1.90% to reach $4.09 billion over the same 24-hour period. This growth in both price and market cap suggests a potential turnaround for the memecoin.

The recent price movements have caught the attention of crypto analysts and investors. Many believe that the current market conditions could set PEPE up for another price surge.

PEPE Price on CoinGecko

The memecoin is currently retesting a key resistance level at $0.00001, a point at which it has faced multiple rejections in the past.

One indicator supporting a potential uptrend is PEPE’s adjusted DAA (Daily Active Addresses) divergence. This metric has remained positive throughout the past week, signaling increasing demand for the memecoin.

Analysts interpret this as a sign that the market is well-positioned to reverse the recent downtrend.

Funding rates for PEPE have also turned positive, reaching 0.006% at the time of writing. This follows a brief dip into negative territory the previous day.

The consistently positive funding rate over the last week indicates that long positions are in higher demand compared to shorts, suggesting growing investor confidence in PEPE’s prospects.

The OI (Open Interest) Weighted Funding Rate further supports this shift in market sentiment. This metric provides insight into the overall mood of investors and their expectations for future price movements.

Adding to the bullish signals, data from Coinglass shows that Open Interest for PEPE has increased by 2.88% to $140.15 million over the past 24 hours.

This increase suggests that investors are opening new positions, likely anticipating further gains for the memecoin.

Despite the recent positive indicators, it’s important to note that PEPE, like all cryptocurrencies, remains subject to high volatility. The memecoin has experienced significant price swings in the past, and investors should approach with caution.

PEPE’s current price of $0.000009705 is still below its recent high of $0.0000119. However, the combination of positive market indicators and increasing investor interest suggests that PEPE may be poised for another upward move.