PEPE Crypto Aces a New ATH but There’s A Bearish Catch
Release: 2024/12/10 02:14 Reading: 756
Surging PEPE Claims a New All-Time High
The popular memecoin, PEPE, reached new heights on Sunday, marking a strong start to December's second week. After a period of consolidation in mid-November, PEPE has made a remarkable recovery.
Throughout November, PEPE exhibited an overall bullish trend. However, the second half of the month saw a decline in momentum. However, the bulls regained control over the weekend, leading to a positive shift.
A substantial 25% surge on Saturday pushed PEPE out of its consolidation zone and set it on a trajectory towards a new all-time high (ATH). The gains continued on Sunday, with a new ATH of $0.00002715 being established.
At the time of writing, the Relative Strength Index (RSI) indicated PEPE was in overbought territory. Nonetheless, there remains a possibility of further upward movement this week.
Robust Derivative Demand Propels PEPE's Rally
PEPE's November rally was accompanied by strong demand in derivatives markets, as evidenced by a peak open interest of $309 million. The recent surge has brought even higher inflows, resulting in a new high of $361.28 million in open interest.
The sustained increase in open interest is a testament to PEPE's continuing appeal. The spot market has also seen significant activity, with inflows peaking at $70.39 million on Saturday and $31.93 million on Sunday.
Bullish Momentum Boosts PEPE's Market Capitalization
The recent surge in bullish momentum has driven PEPE's market capitalization to new highs. At press time, its market capitalization stood above $11 billion.
Double Top or Rally Continuation?
While PEPE's latest rally has reached new heights, the question remains whether this momentum can be sustained until the end of the year. The rally appears to be resuming its upward trajectory after a two-week pause.
Alternatively, PEPE may have formed a double top pattern, potentially triggering an increase in sell pressure. Continued demand is necessary to sustain the first option, while profit-taking and heavy sell pressure could lead to a retracement.
A double top is plausible considering the bearish divergence in the RSI. Additionally, negative funding rates for PEPE, particularly on Crypto.com, have increased. This could indicate that the surge in open interest includes short positions.
Indicators Suggest Potential Sell Pressure
The distribution of PEPE balances by time held may further indicate sell pressure. The dip following the previous peak on November 13th was accompanied by a sharp decline in holder balances. This suggests that this cohort engaged in substantial profit-taking.
Short-Term Traders Drive PEPE's Volatility
Cruisers and swing traders have also been profiting in the last two months. The number of traders has increased significantly in the past four weeks, particularly between November 11th and 15th.
Traders held 45.32 trillion coins on November 11th, and their balances have since grown to 202.33 trillion coins. This implies that short-term traders facilitated exit liquidity for long-term holders and swing traders.
Short-term traders were the majority holders of PEPE at the time of observation. This indicates that PEPE could be susceptible to short-term price swings.
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