Pepe (PEPE) Price Falls After Missing Key Level
Pepe (PEPE) traded lower on Tuesday. It failed to close above $0.00000500 on Monday. The price outlook is mixed as the meme coin moves sideways. However, data from derivatives and on-chain activity show growing retail interest. This may help PEPE rally soon.
Derivatives and On-Chain Data Show Growing Interest
- Derivatives traders increased risk exposure, driving a 7.87% rise in PEPE futures Open Interest.
- Open Interest rose to $257.18 million in the last 24 hours, according to CoinGlass.
- Santiment reports network growth jumped to 623 on Monday, up from 448 the day before.
- This increase shows more new addresses transferred PEPE for the first time.
- The percentage of PEPE supply in profit rose to 23.20% on Monday from 20.14% on Sunday.
- Large wallets or whales made 36 transactions over $1 million on Sunday, boosting Monday’s 7% price gain.
Technical Analysis: Potential Support and Resistance Levels
PEPE trades below $0.00000500, down about 3% on Tuesday. The $0.00000395 level may act as support. This level matches the low from November 21.
Momentum indicators look neutral to bullish. The RSI is at 45 and rising from oversold levels. This suggests less selling pressure. The MACD stays near zero, with some positive momentum shown by green histogram bars.
If PEPE closes above $0.00000521, the next resistance is near $0.00000650. Beyond that, the 200-day EMA at $0.00000839 is a key target.
