Pepe Coin price rally extends to 63% in seven days. PEPE moved from $0.0000025 on August 19.
It now trades at $0.0000406 today, August 25. The meme coin has formed a bull pennant after these gains. This suggests the uptrend could continue to $0.0000057.
Why Pepe Coin price rally matters
PEPE is the third-most visited meme coin in the market today. Dogecoin and Shiba Inu rank fourth and fifth respectively.
PEPE’s 63% gain since August 19 is higher than DOGE’s 31% gain. It is also higher than SHIB’s 27% gain during the same period.
Pudgy Penguins is the only top five meme coin that performed better. PENGU surged by 68% amid increased futures volumes.
Sentiment around meme coins has shifted from bearish to bullish. Total meme coin market cap increased by 31% from $22 billion. It now stands at $28 billion at the time of writing.
PEPE price targets $0.0000057 as bull pennant emerges
Pepe Coin created a bull pennant on the four-hour chart. This forms when price sees a sharp uptrend. It then cools off before buyers tighten their grip.
PEPE price is testing resistance at $0.0000041. A move above this psychological resistance could reach the 161.8% Fib. That target sits at $0.000057.
The RSI reading of 60 suggests momentum favors bulls. If the RSI line tips north and creates a higher high, buyers are tightening their grip. This could support a bullish future PEPE outlook.
If PEPE fails to move above the $0.0000040 obstacle, it could drop to support at the 61.8% Fib. That level is $0.0000038. This move would invalidate the bull pennant.
The CMF reading of -0.09 suggests selling pressure is rising. Some traders are taking profits after PEPE moved from $0.0000025 to $0.0000040. If selling pressure increases, PEPE could drop to $0.000038 support.
PEPE futures market cools as open interest falls
Pepe’s open interest dropped from $350 million on August 22. It now stands at $301 million today, August 25. Per CoinGlass data, futures trading volumes also moved from $811 million to $751 million.
This drop in OI and futures volume suggests speculative trading is easing. The price is facing resistance at $0.0000040.
The long/short reading of 0.91 shows more short positions than long positions. Most traders in the futures market expect PEPE to drop after gaining 63%.