Pepe Coin (PEPE) Soars to $0.00001264 with 60% Surge, Poised for New All-Time High Amid Bullish Market Trends

Pepe coin (PEPE) has experienced a remarkable price rally, recently reaching $0.00001279, which marks a 60.5% increase over just four days. This surge is closely tied to Ethereum’s recent price surge to approximately $2,415, which has positively influenced the broader cryptocurrency market. The current momentum suggests that Pepe coin may be on the verge of reaching a new all-time high as technical indicators and on-chain metrics indicate a strong potential for further gains.

In the past two months, Pepe coin’s price has demonstrated a significant rebound, skyrocketing by over 138% from its recent low of $0.00000549, recorded on March 10. The coin’s value has climbed back to levels last seen on February 1, peaking at $0.00001414. This impressive recovery has allowed Pepe coin to surpass the 50% Fibonacci retracement level, consolidating its position at $0.00001242 and breaking through a significant triangle pattern that has ultimately outlined its current bullish trajectory.

The recent price action led to a sizable breakout after weeks of consolidation. Following a series of lower highs that established a resistance trendline, the coin faced significant bearish sentiment until hitting its low point in March. After that, the price began to chart a recovery path, illustrating a clear support trendline and confirming the triangle breakout with an impressive rally of approximately 35% on May 8. By expanding the internal height of the triangle to the breakout point, analysts are targeting a price enhancement of around 162%—aiming for a potential target of $0.000023.

Despite the rally, Pepe coin has encountered resistance near a critical threshold indicated by its 200-day Simple Moving Average (SMA). Conversely, bullish momentum appears to be intensifying, as both the 50- and 100-day SMAs show indications of a positive crossover. Additionally, the MACD (Moving Average Convergence Divergence) and its signal line are suggesting a resurgence of upward momentum, offering a glimmer of hope for sustained price increases.

Fibonacci resistance levels reveal that a potential price target of around $0.000023 is likely to lead toward further gains, with bullish traders eyeing a new benchmark of $0.000027. Such advancements could ultimately draw attention to a historical milestone of $0.000041.

Market analysts emphasize that a psychological support level has been established at around $0.000010, closely followed by another support zone at $0.0000094. Should the price shift below this latter support level, it may invalidate the ongoing bullish narrative, putting the prices at risk of revisiting levels around $0.00000568.

Amid this fervent activity in the Pepe coin ecosystem, Binance traders are demonstrating strong bullish inclinations. Recent data from Coinglass reveals that over 67% of traders are currently holding long positions on the meme-inspired cryptocurrency, thereby elevating the long-to-short ratio to approximately 2:1. This strong backing from traders could propel Pepe coin even higher, as leverage-driven trading dynamics come into play, presenting an opportunity for investors aiming for extended price objectives.

Moreover, renewed interest from both new and existing investors is evident in increased network activity. According to IntoTheBlock, active addresses associated with Pepe coin have surged by over 100%, peaking at 5,132, with around 1,650 new addresses created within the last 24 hours. Over the past week, the number of active addresses increased by about 79%, while the influx of new addresses rose by around 56%. This uptrend points to a solid influx of retail investors returning to the meme coin.

Further fueling this rally is the activity of large holders. Data indicates that a whale group—holding between 1 trillion and 10 trillion Pepe coins—has augmented its holdings by over 10 trillion tokens in just two days, presently totaling more than 145 trillion coins. Such a pronounced interest from significant players in the market is critical for maintaining upward momentum and validating a potential shift into higher trading ranges.

Since mid-April, large holders have also maintained a stable outlook, with metrics showing a flat-to-positive net flow, suggesting ongoing confidence in Pepe coin. As of May 8, the net flow for large holders was estimated at 944.67 billion, demonstrating sustained demand for Pepe amidst the current rally.

The continuing enthusiasm surrounding Pepe coin from both retail traders and large holders underscores the potential for substantial price movements. Coupled with the current atmosphere of market optimism and bullish momentum, there is a strong probability for Pepe to sustain its upward trajectory, suggesting that investors might soon witness a new all-time high in the foreseeable future.