Pepe coin price rallies 40%, targeting a breakout above $0.000014. With a 65% upside potential, bulls are eyeing the $0.000021 mark.
As the crypto market reaches $3.28 trillion, meme coins are leading the charge. Pepe coin has surged nearly 40% today, reaching the $0.000014 level.
With a fresh bullish turnaround in the frog-themed meme coin, technical signals point to an upside potential of nearly 65%. Will this momentum help Pepe reclaim the $0.000020 mark?
Pepe Price Analysis
Pepe coin has created two massive, long-awaited bullish candles on the daily chart, sending its price rally into overdrive. The meme coin surged nearly 35% on May 8, followed by a 20% intraday jump today.
Following the bullish turnaround, Pepe has surpassed the 38.20% Fibonacci retracement level at $0.0000133. The short-term recovery has gained momentum, pushing the 24-hour high to $0.000013933, just shy of the $0.000014 resistance level.
The 50% Fibonacci level presents the next immediate resistance at $0.00001584. Meanwhile, the prevailing falling wedge breakout suggests a potential price surge toward the 78.60% Fibonacci level at $0.000021.
The MACD and signal lines have formed a positive crossover, supporting this bullish outlook. Additionally, the supertrend indicator has flipped bullish, reinforcing the continuation of the trend.
On the downside, the 23.60% Fibonacci level near the $0.000010 psychological support is crucial. A breakdown below this level would invalidate the bullish trend and could lead to a retest of the $0.000008832 support level.
Leverage-Driven Rally to Boost PEPE Prices
As the crypto market sees increased bullish activity in the derivatives space, Pepe has experienced a nearly 40% surge in open interest. According to Coinglass, PEPE’s OI now stands at $633 million. This spike has also pushed the funding rate up to 0.0105%.
The rise in both open interest and funding rate reflects growing bullish sentiment. Supporting this, short liquidations in Pepe over the past 24 hours have neared $13 million.
As Pepe bulls dominate the derivatives market, a leverage-driven rally could further fuel price momentum.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
