Pepe Coin (PEPE) has emerged as the leading performer among meme coins, surging 68% in the past week. The impressive rally, which comes as Bitcoin (BTC) reaches a new high of $104K, has placed PEPE firmly ahead of other meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB), both of which saw smaller gains of 32% and 21%, respectively. As of now, PEPE is trading at $0.00001334, following a 7-day peak of $0.00001539.
The surge in Pepe Coin’s price is part of a broader meme coin revival, with the market capitalization for meme coins reaching a 30-day high of $76.13 billion. The rally has allowed PEPE to recover over 50% of the losses incurred during the first quarter of 2025. Investors are now looking for further gains, with many anticipating an 80% rally, provided the price holds above the crucial psychological support level of $0.000010.
Technical Outlook and Key Levels
Despite the strong momentum, PEPE is currently facing some resistance. After failing to break through the 61.80% Fibonacci level at $0.00001426, the price has pulled back slightly. This move has raised expectations of a retest at the 50% Fibonacci level, located at $0.00001178. Should this level hold, the coin’s technical setup points to an 80% upside, with a potential target of $0.00002209.
PEPE’s price has also maintained a position above the 200-day Exponential Moving Average (EMA), signaling long-term strength. The 50-day and 100-day EMAs are both showing signs of a bullish crossover, which could further fuel buying momentum. However, the Relative Strength Index (RSI) has dropped slightly from its overbought zone, suggesting a slight decrease in momentum, which aligns with the current resistance at $0.00001426.
Potential Downside Risks
On the downside, if PEPE fails to hold the 50% Fibonacci level, a further pullback toward the 200-day EMA at $0.00001057 is possible. Below this, the support at $0.0000090 remains a critical zone for the meme coin. A drop below this support would negate the current bullish outlook and could lead to a retest of the $0.0000074 level.
Open Interest and Rising Trader Confidence
A key indicator of growing confidence in Pepe Coin’s rally is the rising open interest (OI) in PEPE futures. The OI recently hit an all-time high of $583 million, signaling strong trader activity and anticipation of significant price movements. The funding rate has also climbed to 0.0272%, further indicating a bullish sentiment among traders.
However, the market is not without its risks. A surge in liquidations, amounting to nearly $5 million, has been recorded in the past 12 hours. This could signal potential volatility and the need for a price retest. Should these liquidations persist, it might temporarily undermine the rising OI and funding rate, but a recovery sparked by Bitcoin’s ongoing bullish trend could stabilize the market.
Conclusion
With PEPE holding strong technical levels and increased trading activity, the coin remains a focal point for meme coin enthusiasts. However, a retest of the $0.00001178 level seems likely before any further upward movement, presenting a potential buying opportunity for investors looking to capitalize on the ongoing trend.
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