PEPE Breaks 3-Week Range, Jumps 10% on Short Liquidations
PEPE jumped about 10% after breaking out of a three-week consolidation range. The memecoin defended the $0.0000033 support zone, moved up toward $0.0000037, then pulled back slightly. At the time of writing, PEPE traded around $0.00000369 (+10.3% / 24h).
Derivatives-driven stress amplified the move. Over $1.3M in short positions were liquidated, triggering short-covering and boosting speculative buy demand. Trading volume rose 72% to $518M. Derivatives activity also increased: Open Interest (OI) climbed 16.8% to $214.6M and derivatives volume reached 70.4% of $842M. Futures netflow turned positive on April 8, rising 356% to $4.98M, and the Long/Short Ratio edged up to 1.03.
Still, sell pressure is emerging after the breakout. Sell volume exceeded buy volume (Buy/Sell Delta -260B), exchange data showed net selling flows of about $7M, and spot netflow rose 223% to $3.8M.
Technically, PEPE’s RSI rose to 57 (from 44). If PEPE holds above $0.0000036 on closes, traders may look for $0.000004 and $0.0000041. A breakdown below $0.0000034 could quickly erase gains as profit-taking accelerates.
Bullish
PEPE’s breakout is currently supported by derivatives positioning and momentum. Short liquidations (> $1.3M) likely intensified the upside via forced short-covering, while rising OI and positive futures netflow suggest increasing futures participation rather than a purely thin/one-off pump. RSI improvement (to 57) further backs short-term momentum.
However, the news also flags potential volatility risk: sell volume and exchange net selling indicate profit-taking after the initial spike. If PEPE cannot hold key levels ($0.0000036 close; $0.0000034 intraday support), the bullish impulse may fade quickly. Net: bullish near-term bias with elevated chop risk.