Retail Investors Swarm! 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 market is currently in a 'prelude to an uptrend'.

According to investment specialized 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 accompanying expansion of derivatives market activity, expectations for a rise are growing.

This trend is also confirmed by on-chain data. According to Santiment, Pepe's social dominance surged from 0.044% to 0.095% in just one day, indicating a rapid expansion of 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 dominance of long positions. 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 is attempting to break the downtrend line resistance at $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 moderate upward pressure.

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

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