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PEPE Coin Soars 35% to $0.00001270 as Open Interest Hits $531M Milestone

By: fxleaders|2025/05/09 22:01:10
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PEPE (PEPE), the meme coin with a dash of crypto humor, rallied 35% on May 8, breaking the $0.000010 psychological level for the first time since Feb 4. The move was triggered by a morning star candlestick pattern, a classic reversal formation between May 6-8. This quick surge took PEPE to $0.00001270 before a 1.84% intraday dip as traders took profits. From a technical standpoint, PEPE broke the 200-day EMA. MACD is also green. Next target is the 2.618 Fib extension at $0.00001337. If that’s broken, we could see a bigger move. Bullish Targets and Key Support But be cautious as RSI is overbought. Immediate support is at the 1.618 Fib extension of $0.00001116 which is close to the recent breakout zone. If that’s broken, we could see a deeper correction with a key risk area at $0.00001071. Key Levels to Watch: Immediate Resistance: $0.00001337 (2.618 Fib) Immediate Support: $0.00001116 (1.618 Fib) Risk Zone: Below $0.00001071 Trade Setup: Buy Above: $0.00001116 Take Profit: $0.00001337 Stop Loss: $0.00001071 Derivatives Market Signals Strong Bullish Sentiment And derivatives market is also showing strong bullish sentiment. Open interest (OI) in PEPE futures is at $531 million, just below the all-time high of $555 million. Long/short ratio on Binance is 1.86, meaning 65% of traders are long on PEPE. Additional Derivative Indicators: OI-Weighted Funding Rate: 0.0118% (Long dominant) Short Liquidations: 5.71M

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