- PEPE retreats after hitting 15-week high as key resistance tests bulls amid overbought RSI.
- Record open interest, bullish MACD signals and sustained trading beyond 200-day SMA pushback downside hopes.
- Multiple Fibonacci resistances will test PEPE/USD bulls but bearish bias remains off beyond $0.00001020.
PEPE (PEPE/USD) hit its highest level since January 31 on record Open Interest (OI), but bulls lost momentum afterward as the price pulled back to $0.00001382 in Monday’s US session.
Coinglass quotes all-time high PEPE futures open interest of $595.36 million on Monday, up from $398 million reported on Thursday, to bolster bullish bias surrounding the meme coin.
PEPE’s pullback may stem from its failure to break a four-month resistance and the 38.2% Fibonacci retracement of the December–March drop, alongside an overbought Relative Strength Index (RSI) 14 line. Still, bullish signals from the Moving Average Convergence Divergence (MACD) indicator and a strong hold above the 200-day SMA keep bearish pressure in check.
Technical chart: Daily chart highlights bull’s battle
Source:Tradingview
Failure to sustain a breakout of $0.00001418 resistance confluence, comprising a falling trend line from early January and 38.2% Fibonacci retracement, joins overbought RSI to challenge PEPE/USD buyers.
However, a daily close beneath the 200-day SMA level of $0.00001289 becomes necessary to convince sellers. Following that, the 23.6% Fibonacci level of $0.00001081 and a month-old rising support line, close to $0.00000800 could test the bears before giving them control.
Meanwhile, a daily closing past $0.00001418 upside hurdle could propel PEPE/USD prices to the 50% and 61.8% Fibonacci resistances, close to $0.00001691 and $0.00001968, before highlighting the yearly peak of $0.00002200 for bulls.
PEPE/USD: Four-hour chart
Source:Tradingview
The four-hour chart highlights $0.00001330 as immediate downside support before the 200-day SMA level. That said, a convergence of the 100-bar Exponential Moving Average (EMA) and previous resistance line from late March, close to $0.00001020, appears tough nut to crack for PEPE bears.
Alternatively, $0.00001465 and $0.00001500 act as additional upside filters to watch for PEPE/USD buyers during fresh recovery.
To sum up, record open interest and technical breakout keeps PEPE/USD on the bull’s radar despite recent retreat.
