Pepe coin (PEPE) appears to have reawakened, testing the upper boundary of a bearish channel with prospects from more gains but it all depends on how
platform, Coinglass, shows that open interest for PEPE has recorded a 110% increase to record a $13.92 million change. Specifically, it moved from $12.57 million to $26.49 million between September 22 and 23.A rise in open interest, constituting the total sum of short and long positions, indicates new money is coming into the market, thusly, a bullish sign. It increases the odds for a continuation of the current trend.
Increased seller momentum could see Pepe price fall back into the grasp of the channel at $0.00000071, with the potential to invalidate the bullish case once PEPE breaks and closes below the $0.00000070 level. Such a move would constitute a 30% fall. Higher Open Interest is associated with higher liquidity and new capital inflow to the market. This is considered the equivalent of increase in efficiency and the ongoing trend continues.
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