Pepe Coin Price Proclaims Major Recovery Amid 75% Surge In Open Interest

Pepe Coin Price Anticipates a 40% Surge Amid Bullish Pennant Formation

The recent resurgence in the cryptocurrency market has witnessed a notable rise in major coins, including Bitcoin, which reached $67,000. However, the Frog-themed meme coin PEPE has surprisingly remained subdued despite its historical volatility.

While the daily chart displays alternating green and red candles indicative of market uncertainty, the formation of a bullish pennant instills optimism among bulls.

PEPE Coin's $0.00001 Support

During the July market recovery, PEPE Coin found support at $0.00000763, boosted by 200D EMA and the channel pattern's lower boundary. This support facilitated a 68% surge within two weeks to a high of $0.000013.

Notably, the increase in Futures Open Interest for Pepe Coin from $83.6 million to $146.75 million (a 75% jump) indicates increased trader activity and bullish sentiment.

Bullish Pennant Formation

After breaking above the channel resistance on July 16th, PEPE Coin has consolidated sideways despite favorable market conditions. This consolidation reflects buyers' indecision but also a potential momentum shift.

The four-hour chart reveals a bullish pennant formation, suggesting a brief pullback before a renewed breakout.

Target and Support

A breakout from the pennant's resistance trendline could trigger a 40% surge towards $0.0000017. Conversely, a breakdown could negate the channel breakout, allowing bears to drive the price back to $0.00000763.

Technical Indicators

• Bollinger Band: The rising upper boundary suggests buyer confidence.
• RSI: The neutral to bullish sentiment is reflected in the Relative Strength Index hovering around 54%.