PEPE Coin Soars 35%, Binance Traders Expect a Further 22% Rally

The meme coin PEPE has jumped by 35%, eyeing the $0.000013344 mark. Backed by strong technical signals and rising open interest, could this explosive momentum continue?

Pepe Coin Soars 35%, Binance Traders Expect A Further 22% Rally

On May 8, PEPE surged nearly 35% as Bitcoin broke past the key psychological level of $100,000. Reclaiming the $0.000010 price zone, PEPE has sparked hopes of a new meme coin season. Following this impressive overnight breakout, PEPE’s open interest is now nearing record highs, with nearly 65% of Binance traders shifting to long positions. Given these conditions, could PEPE’s price gain another 22%?

PEPE Price Analysis: Targeting $0.000013344

The latest rally began on May 6 with a long-legged doji candle, completing a “morning star” reversal pattern. This technical signal triggered a strong 35% surge on May 8, forming a robust bullish candle—an indication of a potential trend shift in the broader market.

Currently, PEPE is trading around $0.00001091, a level last seen on February 4. However, after the steep rally, the coin is experiencing a slight pullback with a daily drop of around 1.84%.

PEPE has broken above the 200-day Exponential Moving Average (EMA), suggesting a possible continuation of the uptrend. Momentum indicators like the MACD and signal line crossover also support the bullish outlook.

Pepe Price Chart
Pepe Price Chart

According to Fibonacci retracement levels, PEPE has surpassed the 23.6% mark at $0.00001025 and is now targeting the 38.2% level at $0.000013344—representing a potential 22% upside from the current price. This provides an optimistic price projection for the near term.

However, a pullback to retest the 23.6% level may result in a 6% drop and risk losing the 200-day EMA support—a critical psychological level for investors. Failure to hold this zone could see PEPE decline by 18% to revisit the $0.000008832 region.

Investor Confidence Grows as Open Interest Approaches All-Time High

Pepe Long Short Ratio
Pepe Long Short Ratio

After months of quiet, meme coins are making a strong comeback, with PEPE leading the charge amid a surge in derivatives trading. PEPE’s open interest has risen to $531 million—just shy of its all-time high of $555 million—reflecting growing bullish sentiment.

Additionally, the weighted funding rate has spiked to 0.0118%, indicating a sharp rise in long positions. The forced liquidation of over $5.71 million in short positions further supports the bullish momentum.

On Binance, optimism is clearly dominant, with 65% of traders holding long positions in PEPE, pushing the long/short ratio to 1.86. As long positions continue to dominate the derivatives landscape, PEPE’s price may have the fuel it needs to break through its next resistance level.

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