PEPE open interest rises 10%, analyst hints at bullish signal

In a market fighting bearish sentiment, Pepe $PEPE

has stood out among Ethereum-based altcoins. On July 24, 2024, PEPE's price rose more than 6% and its trading volume skyrocketed by 40%. This impressive performance comes in the wake of a major inflow of $107 million into Ethereum exchange-traded funds (ETFs), which has shifted investors' focus toward PEPE.

Investors are optimistic about PEPE

This recent increase in price and volume indicates a strong change in market sentiment. Data from CoinMarketCap indicates that despite the overall bearish trend, investors are showing renewed interest in PEPE. The rise is particularly notable given broader market conditions and highlights growing optimism about the token's potential.

Research analysts have weighed in with optimistic predictions for PEPE. Historical patterns suggest that after a period of consolidation (currently observed in a 60 candlestick pattern), PEPE often experiences a significant rally. Analysts believe this pattern is likely to repeat itself, which could lead to further gains in the near future.

PEPE open interest soars

The increase in PEPE open interest (OI) further supports the bullish outlook. According to Coinglass, PEPE's OI has increased by 10% in just the last four hours. This sharp rise in OI indicates that more traders are taking long positions in PEPE, reinforcing the positive market sentiment. Furthermore, the launch of the Ether spot ETF on May 23, 2024 led to a substantial accumulation of Ether-based tokens, including PEPE. As the ETF gains momentum, similar accumulation trends could further drive the price of PEPE higher.