In the world of Memecoin these days, there is a stir again and pepe coin is moving at the forefront of this wave. At the same time, till the time of writing the news, the Pepe Coin Value has seen a fast of 25.92% in the last 24 hours and with which it is trading at $ 0.00001103. With this, the market cap of Pepe Coin has reached $ 4.63 billion and 24 -hour trading volume has reached $ 2.21 billion. But at the same time, questions are also arising in the community that, why is the pepe coin showing a boom? Is there any big reason behind it, so come Pepe coin value In detail the possible causes of boom are known.
Why is Pepe Coin Value growing, what is the reason?
The most important reason behind this boom in pepe coin value is its derivatives growing open interest in the market. Currently the open interest of Pepe has reached $ 531 million, which is very close to its all-time high $ 555 million. This indicates that a large number of investors and leverage traders are showing interest in it and taking long positions.
Talking about trade on binance, about 65% of the traders are holding long positions in the pepe, which has reached Lengthy/SNIP RATIO 1.86. This simply means that there is a boom in the market and investors are expecting more price to increase in the coming days.
Technical analysis, is this bull run not going to stop?
Looking at technical charts, on 6 May in Pepe Coin, a special type of candle is made which is called “Dozi”. This led to an indication that the trend could change, two days later, on 8 May, Pepe showed fast and its price increased by about 35%. This pattern is called “Morning Star”, which is often a sign of the market starting. At the moment, Pepe Coin is trading above its 200-day average-pris. Another positive indication is that two major indicators MACD and signal lines have crossed each other, which supports the fast.
Can PEPE Coin Value Stop Further Rapist?
Although there are signs of boom in the market at the moment, it is also necessary that investors are also cautious about the possible decline. If the price comes back down and falls to a level of $ 0.00001025, it will fall by about 6%. However, this level is considered a strong support zone, that is, the price can go up again from here. But if this support is also broken, the decline may be faster and the price can reach $ 0.000008832, which is about 18% below the current level. Such corrections are normal in the market, so investors who make long-term investment should be prepared for these ups and downs.
Conclusion
Pepe coin The price of the growing open interest, strong technical indicator and investors in the derivative market has brought together to new heights. If this sentiment remains, the pepe coin may increase further in the coming days. However, new investors have to note that Memecoin has a lot of fluctuations, so invest in thoughts and risk management.
Also read:Which users will get Opensea’s Sea Token Airdrop, Know
