Pepe Coin Price Surge: 80% Upside Potential?
Pepe Coin Outperforms Dogecoin and Shiba Inu
Last week saw a significant price surge for Pepe coin (PEPE), with a 68% increase. This rally coincided with Bitcoin (BTC) reaching $104,000, reigniting interest in the meme coin market. PEPE's performance significantly outpaced other leading meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB), recovering over 50% of its Q1 losses.
Meme Coin Market Rally
The broader meme coin market experienced a surge, hitting a 30-day high of $76.13 billion. PEPE capitalized on this momentum, while DOGE and SHIB saw more modest gains of 32% and 21% respectively. This strong performance has fueled speculation of further price increases.
PEPE Price Analysis: Support and Resistance
PEPE reached a 7-day high of $0.00001539 before experiencing a minor pullback. Strong support is identified at $0.00001178 (the 50% Fibonacci level). A retest of this support level is anticipated before any further significant upside.
A successful retest could trigger a continuation of the upward trend, potentially reaching $0.00002209 – an 80% increase from the retest level. This target is based on a previous triangle breakout pattern. Bullish signals include PEPE trading above the 200-day Exponential Moving Average (EMA), and the potential for a golden crossover of the 50- and 100-day EMAs.
However, a deeper pullback below $0.00001178 could lead to a retest of the $0.00001057 support (200-day EMA) or even the $0.0000090 level. A break below $0.0000090 would likely invalidate the bullish outlook and could result in a further correction towards $0.0000074.
Open Interest and Liquidations
The surge in PEPE's price has led to a record-high open interest (OI) of $583 million, indicating significant trading activity. The weighted funding rate has also reached a high of 0.0272%, reflecting bullish sentiment. However, a recent spike in liquidations of almost $5 million suggests a potential retest of support levels is likely.
Conclusion
While Pepe coin shows strong potential for further gains, the possibility of a retest remains. Investors should carefully consider both the bullish and bearish scenarios before making any investment decisions. Remember to conduct thorough research and manage risk appropriately.
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