• PEPE gains 2.04% in 24 hours, showing early signs of recovery.
• Weekly losses of 2.13% highlight mixed short-term sentiment.
• Strong support at $0.00000900 underpins bullish reversal potential.
• Resistance at $0.00001800 sets the target for the breakout move.

PEPE is on a positive trajectory as the market shifts from bearish to bullish and begins its recovery. The token has gained 2.04% in the last 24 hours, showing renewed momentum. However, it has remained down 2.34% over the past week.

At the time of writing, PEPE is trading at $0.00001013 with a market capitalization of $4.26 billion. Trading volume reached $591.63 million in the last 24 hours, though it is down 41.55% from the previous day, suggesting reduced activity.

This shift of market mood reflects slowly coming investor confidence. Even if short-term setbacks keep coming, recovery attempts reflect the building resilience of PEPE as a trading vehicle.

Also Read: PEPE Price Prediction: Breaks Trendline, Bullish Target Set at $0.000029

PEPE Technical Structure Points to W-Shaped Pattern

On the weekly chart, PEPE is trading near the lower boundary of its consolidation range. The range lies between $0.00000900 as its strong support and $0.00001800 as its key resistance point. Repeated tests of the support area continue to prove that bulls are definitely holding up lower levels and preventing further declines.

The current pattern suggests the likelihood of forming a W-shaped reversal. This pattern normally suggests the end of selling pressure and the start of a potential bullish breakout.

If $0.00000900 holds its ground, price action should gradually gain momentum upwards. A successful return up towards the resistance point at $0.00001800 would translate as an increase of around 77% from recent levels.

However, the bullish tone will be contingent on support holding strong. A sharp breach below $0.00000900 could damage sentiment and prepare the ground for further dips towards $0.00000750 or lower. In the near term, the setup suggests accumulation and a gradual rise if buyers maintain their resolve.

Open Interest Growth Supports Stronger Sentiment

Derivatives data suggest that the open interest of PEPE has increased to $568.96 million with a gain of 2.15%. This gain suggests building speculative interest as traders are adding their positions. Bigger movements are usually preceded by a higher OI, as there is greater conviction on market direction, and also offer support for bigger movements.

The OI-weighted funding rate is at 0.0100%, which indicates controlled leverage with rising activity. This balance seems to indicate an active but not very bullish market. If OI weighted increases sharply, volatility and risk of liquidation could increase.

Also Read: Pepe (PEPE) Holds Strong Amid Market Cool-Off: What’s Next?