Pepe (PEPE) jumped more than 33% today, January 2, following a surge in derivatives activity and broader inflows across the sector. The memecoin sector as a whole grew 8% to $39.45 billion, with PEPE coin leading the way as trading volumes and open interest also increased significantly.
According to Coinglass, PEPE’s open interest rose 77% to $340 million, showing a strong increase in leveraged bets at current prices. When open interest rises along with price, it usually means new money is entering the market, not just traders closing short positions. This supports the ongoing upward trend.
Spot market activity has picked up as well. In the past 24 hours, trading volume jumped 669.74% to $1.41 billion, showing much higher turnover and confirming the move with greater liquidity.
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PEPE Coin is currently trading near $0.000055, after reaching a 24-hour high of $0.00005736 and a low of $0.00005415. Its market cap is $2.3 billion, ranking it as the 37th-largest cryptocurrency by market value.
PEPE Price Outlook: Analysts Flag Divergence and Channel Structure
Right now, analysts are focusing on new bullish patterns. Trader STEPH IS CRYPTO pointed out momentum divergence, posting: “$PEPE BULLISH DIVERGENCE!!!” with a 3-day chart. The chart shows the price making lower lows while the RSI made higher lows and then jumped to about 47.08. This classic bullish divergence suggests that downward momentum is fading and often comes before a price rebound as sellers lose control.
Meanwhile, analyst DonWedge shared a chart titled “$PEPE,” showing price movements inside descending channels from past cycles. The chart points out a repeating channel pattern that was followed by sharp upward moves and highlights a possible upside level near 0.00001935.
While this isn’t a prediction, the chart suggests the analyst sees past price patterns as important for understanding current trends.
From a technical perspective, the combination of bullish RSI divergence, rising volume, and higher open interest suggests that momentum is shifting from selling to buying and speculation. However, PEPE is still well below its all-time high of $0.00002825 set on December 9, 2024, which means there is still resistance above.
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