Pepe Coin (PEPE) price jumped by nearly 7% today to hit $0.00001453, continuing the 68% growth observed last week. The ongoing bull run hints at key level breakout to extend the rally this week. Additionally, the PEPE price surge shakes out $1.14 million worth of bearish positions in just 4 hours, marking a strong week opening. Will this rebound in Pepe coin record a new all-time high?
Pepe Price Analysis Targets Massive Breakout Rally
PEPE trades at a market price of $0.00001453, last seen on January 31, after 100 days. The stronger comeback has surpassed the 200-day Exponential Moving Average (EMA) and the 61.80% Fibonacci level at $0.00001426. This marks a key breakout as investors witness a rounding bottom breakout on the Pepe technical chart.
The PEPE price fell nearly 60% from $0.00001386 to $0.000005698, between February 1 to March 10. Bottoming out above the $0.0000050 psychological demand zone Pepe price action forms a semi-circle formation, called a rounding bottom pattern, with a neckline at the 61.80% Fibonacci level.
Currently, the PEPE price trades above the neckline and a daily closing above $0.00001426 will mark a decisive breakout, highlighting a 170% upside potential. The target is evaluated by adding the depth of the semi-circle to the breakout point, targeting $0.00003864. Hence, the pattern breakout’s optimistic target aligns with Coingape’s bullish PEPE coin price prediction.
The frog-themed meme coin surpasses the 200-day EMA, influencing an uptick in the 50 and 100 daily EMAs, hinting at a positive crossover. Furthermore, the rising MACD and signal lines with a surge of green histograms reflect increased trend momentum.
Based on the potential 61.80% Fibonacci level breakout, the retracement tool targets the 100% level at $0.00002649, a 75% rise. A minor hurdle at the 78.60% level near $0.00001870 could hamper Pepe’s potential surge to a new all-time high. However, a failure to drive daily closing above the neckline could prolong Pepe’s fluctuation within the pattern.
Conversely, a break under the 38.20% Fibonacci level near the $0.000010 psychological support will nullify the reversal pattern. The next support remains at $0.000007669.
Pepe Bulls Absorb $18.55M Supply Spike Last Week
PEPE’s latest surge reflects a short-term tug-of-war between short-term profit-takers and long-term holders. According to Coinglass data, Pepe Spot Inflow/Outflow shows a netflow of $10.52 million into exchanges on May 12, followed by an $18.55 million inflow last week. Despite a supply spike, Pepe rally continues as buyers absorb the selling pressure, signaling underlying strength of bulls.
Based on IntoTheBlock’s data, the average holding time of transacted coins remains under one month for the last couple of weeks. This indicates short-term traders booking profit while the long-term holders stand on sidelines.
Open Interest Nears $600M as $1M of Short Positions Liquidate
PEPE’s momentum accelerates as derivatives data aligns with the rising optimism. According to Coinglass, the Open Interest (OI) in PEPE futures has nears the $600 million milestone, reflecting a mammoth rise in leveraged trading activity.
Giving a bullish viewpoint to the rising OI, a short liquidation of more than $1 million within four hours signals forced unwinding of bearish bets. As the traders betting against PEPE being caught off guard, the chances of a fresh breakout rally increased.
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