Pepe Rebounds on Renewed Retail Strength Amid Mixed Derivatives Outlook

Pepe (PEPE) is experiencing a mild recovery after its 10% decline last week, rising by nearly 2% on Monday. This upswing suggests early signs of renewed retail strength in the meme coin.

The PEPE derivatives data indicate a mixed outlook, as Open Interest declines while funding rates turn positive. The notional value of active contracts has contracted to $192.99 million over the last 24 hours, with long liquidations of $345,100 and short liquidations of $37,980. However, the funding rate is up at 0.0017%, from -0.0100% the previous day, suggesting renewed buying pressure in long positions.

Technically, PEPE must hold above its $0.00000255 support floor to avoid a downside of over 10%. The coin's price is currently hovering near this level after rebounding last week. A daily close below this support could nullify the rebound chances and extend the decline toward the July 1 low at $0.00000223.