After rising more than 18% last week, Pepe's price soared to $0.0000275 on Monday, setting a new all-time high.
The open interest for PEPE has also reached a new record, indicating new buying interest in the market.
From a technical perspective, Pepe's upward trend may still continue, targeting a new high of $0.0000336.
In the past week, Pepe (PEPE) rose by 18%, breaking through its all-time high (ATH) to reach $0.0000275 on Monday. The increase in open interest indicates that the market is attracting new buying interest, while technical indicators suggest that prices may further rise, targeting $0.0000336.
Pepe's market capitalization has also surpassed $11 billion.
According to CoinGecko, this frog-themed meme coin has recently performed strongly, with a market capitalization exceeding $11 billion.
According to Coinglass, the open interest (OI) for PEPE futures on exchanges rose from $251.7 million on Saturday to $370.44 million on Monday, setting a new high since its launch in April 2023. The increase in OI indicates new capital flowing into the market, with more buying interest, suggesting that Pepe's price may continue to rise.
Pepe Price Prediction: PEPE's upward momentum may continue.
Last Saturday, Pepe's price broke through the descending trend line and subsequently increased by over 22% in just a few days. On Monday, PEPE hit a new all-time high (ATH) of $0.0000275, but then experienced a slight pullback.
If PEPE continues to maintain its upward trend, the next target price is $0.0000336, which is the 141.40% Fibonacci extension calculated from the low of $0.0000077 on November 4 to the high of $0.0000260 on November 14.
From the daily chart, the RSI (Relative Strength Index) is currently at 68, close to the overbought zone of 70. Traders should be cautious when adding positions, as the risk of price pullback increases. However, the RSI remains relatively stable, which also suggests that the momentum for a rebound may continue. If the RSI breaks through the overbought zone and falls back, it may trigger a clear sell signal.
