Decoding why PEPE slips despite Bitcoin’s 5% bounce

Pepe continued to trend downward and shed 2% in the past 24 hours. It was down nearly 21% from December’s high.

Meanwhile, the recent 5% Bitcoin bounce from Friday’s $85.5k to Monday’s $89.7k has done nothing to help the popular memecoin’s bulls.

Coinalyze data showed that, since the 20th of December, Open Interest slowly dwindled, from $121.5 million to $114.5 million. Alongside the short-term sideways price action, it signaled bearish sentiment within the PEPE market and a total lack of bullish belief.

A report earlier this month highlighted how the long-term PEPE trend was bearish. This finding has not been disproved yet. Here’s what Pepe [PEPE] traders can watch out for in the coming days.