Pepe is leading the meme coin rally with a strong breakout, gaining 12% in just 24 hours. Is $0.000030 the next big target?
As the altcoin rally gains momentum, meme coins are at the forefront, with a 4.56% increase in total market cap, now nearing $70 billion. Among the top performers, Pepe has surged nearly 12% in the past 24 hours, breaking through the key resistance at $0.000015. Will this breakout rally push the Solana-based, frog-themed meme coin toward a new all-time high?
PEPE Price Analysis
On the 4-hour chart, Pepe displays a consolidation range between $0.00001274 and the upper ceiling near the psychological level of $0.000015. The meme coin has formed a bullish flag, combining a 100% surge in early May with the subsequent consolidation.
On Thursday, Pepe jumped nearly 14%, closing bullishly above the upper boundary of the flag. This breakout signals a strong upward move. The initial price target is the 50% Fibonacci level at $0.00001792, calculated by adding the flag’s height to the breakout point.
A more optimistic target is derived by adding the full length of the flagpole to the breakout point, aiming for the $0.000030 psychological level. This represents an upside potential of nearly 100% from the breakout point.
Surprisingly, this indicates the potential formation of a new all-time high for the meme coin, provided the broader market uptrend continues. Supporting the bullish case, the MACD and signal lines remain in a positive trend following a recent crossover. However, the RSI is approaching overbought territory, signaling possible pullback risks.
Currently, Pepe is trading at $0.00001538, down 4% over the past four hours. This decline appears to be a retest of the breakout level and could set the stage for a post-retest reversal.
Short Liquidations Cross $3 Million in 24 hours
Amid the bullish trend, short liquidations on Pepe have surged to approximately $3 million over the past 24 hours. As bulls take control of the spot price, the derivatives market is seeing a sharp increase in anticipation.
Open interest in Pepe has jumped nearly 20%, reaching $697 million, indicating heightened trading activity. Notably, the funding rate has climbed to 0.0227%, signaling strong bullish sentiment behind the increased activity.
This surge reflects a robust bullish narrative, one likely to fuel the next leg of Pepe’s breakout rally.
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.
