PEPE's been climbing for three straight days now, and honestly the momentum feels different this time. Fear and Greed Index just hit 62, which means retail traders are getting back into the game after weeks of sitting on the sidelines. The spot recovery we're seeing is backed by solid derivatives activity too—futures open interest jumped above 213 million bucks in the last 24 hours alone.

What's catching my eye is how the technical setup is shaping up. PEPE bounced hard off the 50-day moving average around the 0.00000368 level earlier this week, and now it's testing resistance near 0.00000400. If we can break through that zone decisively, the next target would be sitting around 0.00000500. RSI is climbing toward 58 and MACD is printing positive bars, so the short-term setup looks bullish.

The thing is, the longer-term trend still looks weak—200-day MA is still sloping down and there's a descending resistance line from the January and April highs that's keeping a lid on things. So while this PEPE rally is real, it's still fighting against the bigger picture. If momentum fades and we close below 0.00000368, we could see a drop toward the February lows around 0.00000311. For now though, the derivatives traders seem convinced there's more upside coming, and that's worth paying attention to.