- Pepe Coin surged 68% last week, outperforming DOGE and SHIB, and is eyeing an 80% rally after a potential support retest at $0.00001178.
- With record-high Open Interest and bullish technicals, PEPE is positioned for a strong comeback if market momentum holds.
Pepe Coin (PEPE) has taken center stage in the meme coin market, rallying an impressive 68% in the past week—outpacing both Dogecoin (DOGE) and Shiba Inu (SHIB), which posted gains of 32% and 21% respectively. This explosive move follows Bitcoin’s climb to $104,000, reviving enthusiasm across the broader altcoin space.
Currently trading near $0.00001334 after peaking at $0.00001539, PEPE is showing signs of a brief cooldown. A potential retest of the $0.00001178 support—marking the 50% Fibonacci retracement level—could set the stage for another breakout. If support holds, PEPE could resume its triangle breakout rally, targeting the $0.00002209 level—an 80% upside from the retest zone.
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Technical indicators remain favorable. PEPE continues to trade above its 200-day Exponential Moving Average (EMA), while the 50-day and 100-day EMAs are on the verge of a bullish crossover. This golden crossover setup often acts as a trigger for new buying pressure. Although the Relative Strength Index (RSI) has dipped slightly from overbought territory, it signals only a short-term breather in momentum rather than a trend reversal.
Further reinforcing bullish sentiment, Open Interest (OI) in PEPE futures has surged to a record $583 million, according to Coinglass. This spike in OI and a record-high funding rate of 0.0272% highlight growing trader confidence. However, caution is warranted as nearly $5 million in long liquidations suggest that some over-leveraged positions have been wiped out amid the recent price volatility.
Despite these shakeouts, PEPE remains well-positioned for a sustained move higher. The meme coin’s ability to hold above key support levels and the rising interest from both retail and institutional traders point to robust underlying demand. If the broader market remains bullish, particularly with Bitcoin holding strong, PEPE could be gearing up for another leg higher—offering a potential “buy the dip” opportunity for savvy investors.
As PEPE leads meme coins in both performance and trader sentiment, a confirmed retest and rebound could ignite an 80% rally—making it one of the top altcoins to watch in the coming days.