Retail Investors Rushed In! Meme Coin Pepe Shows Signs of Rise

▲ Pepe (PEPE) / AI generated image ©

With retail investor funds pouring in, meme coin Pepe is on the verge of breaking through key resistance—the current market is closer to a 'prelude to a rally'.

According to investment media FXStreet on April 29 (local time), Pepe (PEPE) is continuing its upward trend, testing a major resistance level near $0.0000040. With the recent increase in retail investor interest and the expansion of derivatives market activity, expectations for a rise are growing.

This trend is also confirmed in on-chain data. According to Santiment, Pepe's social dominance surged from 0.044% to 0.095% in one day, indicating rapidly expanding market interest. Simultaneously, according to CoinGlass data, Pepe futures open interest increased by 7% in 24 hours, reaching $198.16 million.

Derivatives market indicators are also positive. The funding rate remains positive at 0.0082%, indicating a continued long position dominance structure. This suggests that investors are betting on further upside potential.

Technically, it has entered a critical juncture. The price is holding above the 50-day exponential moving average (EMA) of $0.00000372 and attempting to break through the downtrend resistance of $0.0000040. The Relative Strength Index (RSI) remains above neutral at 58, and the Moving Average Convergence Divergence (MACD) is also moving above its signal line, showing gradual upward pressure.

The future trend depends on whether it breaks through resistance. If it decisively breaks above $0.0000040, the next target opens up to the 200-day moving average of $0.00000498. Conversely, if the 50-day EMA breaks down, there remains a possibility of a retracement to the $0.00000311 support level.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*