The meme coin mania is back in full swing, and PEPE is leading the charge. In a stunning start to the week, PEPE coin soared nearly 7% to hit $0.00001453, fueled by a wave of short liquidations and surging investor demand. The dramatic move triggered the liquidation of over $1.14 million in short positions within a mere four-hour window, sending a loud message to skeptics: the bulls are back in control.
The renewed momentum comes on the heels of a powerful 68% gain last week, breathing new life into the frog-themed cryptocurrency. With market sentiment shifting rapidly and on-chain metrics showing strength, PEPE appears poised for a potential breakout to fresh all-time highs.
PEPE Breaks Key Technical Levels as Bulls Take Charge
PEPE’s rally has now pushed it back to price levels last seen in late January, recapturing the $0.00001453 mark for the first time in over three months. What makes this comeback particularly significant is that it has broken above the 200-day Exponential Moving Average (EMA) as well as the key 61.8% Fibonacci retracement level at $0.00001426. These technical milestones often signal the beginning of a more sustained uptrend, especially when supported by high trading volumes and strong buying pressure.
Chart watchers are noting the emergence of a classic rounding bottom pattern on the daily timeframe—a formation that often precedes large upward moves. In PEPE’s case, this pattern has formed over the last couple of months following a significant drawdown. From February 1 to March 10, the coin plunged nearly 60%, dropping from $0.00001386 to a low of $0.000005698. Since then, however, it has been climbing steadily, forming the signature semi-circle shape of the reversal pattern.
Breakout Target: $0.00003864?
Now that PEPE has climbed above the neckline of the pattern at the 61.8% Fibonacci level, analysts are eyeing a potential breakout confirmation. If the current bullish momentum holds and daily closes remain above $0.00001426, the rounding bottom pattern projects a price target of approximately $0.00003864. This implies a potential upside of more than 170% from current levels—a tantalizing prospect for traders and long-term holders alike.
Adding to the optimism, PEPE’s open interest is nearing the $600 million mark, indicating growing speculative activity and heightened market attention. On the technical side, indicators like the MACD are flashing bullish signals, with the MACD and signal lines both trending upward and green histogram bars increasing in size.
Moreover, EMAs are aligning in support of a bullish continuation. The 50-day and 100-day EMAs are beginning to curve upward, potentially setting up a positive crossover that would further validate the trend shift.
What Could Derail the Rally?
While the current technical picture paints a bullish narrative, traders should remain cautious. The next key resistance level lies at the 78.6% Fibonacci retracement zone around $0.00001870, which could serve as a temporary barrier before any attempt to reach all-time highs. On the flip side, if PEPE fails to sustain above the neckline and breaks below the 38.2% Fibonacci support near $0.000010, it could invalidate the bullish pattern, sending the coin back toward the $0.0000076 support area.
For now, though, bulls appear to have the upper hand. With millions in short positions wiped out and significant inflows hitting exchanges—$10.52 million in net inflows absorbed by buyers—PEPE is once again the center of attention in the meme coin arena.
Whether it can break through resistance and set a new all-time high remains to be seen, but one thing’s clear: PEPE isn’t going down without a fight.
