Pepe Coin Price Prediction: Open Interest Slides 44%, Crash Imminent?

Pepe Coin Price Prediction:

June's first three weeks have seen a bearish crypto market, mirroring Bitcoin's correction. Bitcoin's price fell below $64,000 on Friday, leading to significant corrections among altcoins, particularly meme coins.

However, despite the selling pressure and declining volume, the frog-themed meme coin PEPE has risen by 5%, raising questions about a bull trap or relief rally before another sell-off.

Throughout the week, PEPE exhibited low volatility, attempting to stay above the $0.00001 psychological level. Despite market supply pressure, the meme coin displayed resilience, as evidenced by a long-tail rejection on Tuesday.

However, PEPE's near-term trend remains bearish, with a downward trajectory formed by two downsloping trendlines, indicating a flag pattern. This pattern typically leads to a temporary downtrend before a bullish momentum resurgence.

From its recent peak of $0.00001725, PEPE has lost 34%, currently trading at $0.000011, with a market cap of $4.72 billion. Despite an intraday jump of 5%, trading volume has dropped by 6.7%, suggesting a lack of interest in long positions.

Similarly, the open interest in Pepe coin has declined significantly, with Coinglass reporting a drop from $189.51 million in late May to $107 million. This decrease of approximately 43.5% indicates a decline in trader commitment or liquidity, suggesting potential reduced investor confidence or interest.