Can Pepe price surge 200% and hit a new all-time high?

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Pepe coin’s price has bounced back this month as investors bought the dip and futures open interest surged, fueling speculation of a 200% rally.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Pepe, a viral meme coin, jumped to a high of $0.000008960, its highest point since February 24, and 73% from its lowest point this year. The ongoing rebound came as futures open interest rose to its highest level since Feb. 2. The metric surged to over $324 million, up from this month’s low of $166 million. Pepe has also rallied amid signs of investor accumulation. According to Nansen, exchange reserves fell by 0.73% in the past seven days to 240.7 trillion tokens.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Additional data shows that the most profitable Pepe holders over the past week are still holding most of their positions. Pepe's price has moved slightly above the 50-day Exponential Moving Average, a bullish sign. The next key resistance point to watch will be $0.00001717, the 50% Fibonacci Retracement level, which is about 95% above the current level.