PEPE maintains upward trajectory with 5% daily gain following 70% weekly surge
Derivatives markets show historic engagement with $595M in open interest
Technical patterns suggest potential continuation toward $0.000016 resistance
The How long will it take to mine one Monero?meme coin sector exhibits renewed vigor as PEPE builds upon its impressive 70% weekly advance with additional 5% gains. Market observers note particularly strong activity in derivatives markets, where open interest metrics have achieved unprecedented levels according to CoinGlass tracking.
Derivatives Market Signals Strong Conviction
Exchange data reveals PEPE's futures open interest catapulted from $398 million to $595.36 million within days, establishing new record levels. This metric serves as a reliable gauge of market participation, with rising values typically reflecting fresh capital deployment and sustained buying pressure that could propel prices higher.
Supporting this bullish thesis, the long-to-short ratio currently stands at 1.09 - its most favorable reading in several weeks. When this ratio exceeds parity, it indicates market participants predominantly anticipate further appreciation for the digital asset.
Technical Landscape Favors Continued Ascent
From a chart perspective, PEPE recently achieved several critical milestones. The asset decisively conquered its 100-day exponential moving average near $0.000009 before surging 64% to challenge the $0.000013 resistance zone. After brief consolidation, the token continues demonstrating strength near $0.000014.
Should current momentum persist, the next significant test emerges at $0.000016. A confirmed breakout above this level could open the path toward January's peak near $0.000021. The Relative Strength Index currently reads above 70, signaling strong buying pressure though warranting caution about potential overextension.
Market participants should monitor whether the RSI sustains elevated readings - a scenario that historically accompanies powerful trending movements. Alternatively, failure to maintain current levels might prompt retracement toward the $0.000013 support area.