The Pepe cryptocurrency is gaining traction among retail investors, with its price edging higher toward a key resistance area near $0.00000400.
According to data from Santiment, social interest in PEPE has increased significantly, with social dominance reaching 0.095% on Wednesday, up from 0.044% the previous day.
The surge in retail interest is also reflected in the derivatives market, with the PEPE futures Open Interest rising by over 7% in the last 24 hours to $198.16 million.
However, a closer look at the technical analysis reveals that the near-term bias remains neutral and mixed, with the Relative Strength Index (RSI) leaning slightly bullish while the Moving Average Convergence Divergence (MACD) holding above its signal line.
A decisive close above $0.00000400 would confirm the trendline breakout and potentially pave the way for further gains, although a steep downside to the February 6 low at $0.00000311 remains a possibility if support is breached.