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.
Pepe Price Chart
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.
PEPE Spot Inflow/Outflow
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.
Holding Time Of Transacted Coins
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.
Pepe Derivatives
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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