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Over the past week, Pepe Coin (PEPE) has skyrocketed by 68% as Bitcoin (BTC) hit $104,000, triggering a bullish wave across the meme coin market. Outperforming major players like Dogecoin (DOGE) and Shiba Inu (SHIB), PEPE has recovered more than half of its Q1 losses. Currently holding above the psychological level of $0.000010, optimistic investors are anticipating a strong upward move of up to 80%.
With Bitcoin reclaiming the $104,000 mark, the overall meme coin market saw a boost, reaching a 30-day high of $76.13 billion in total market cap. Riding this wave, PEPE surged nearly 68% in the past seven days, outperforming DOGE (32%) and SHIB (21%).
Technical Analysis: PEPE Finds Solid Support at $0.00001178
After reaching a 7-day high of $0.00001539, PEPE is currently trading around $0.00001334, experiencing a slight intraday pullback of 2.11%. The formation of a doji candle on Monday, combined with increased volatility near $0.00001426, signals market indecision and suggests PEPE may be entering a consolidation phase.
Failing to break through the 61.8% Fibonacci resistance at $0.00001426, PEPE is now eyeing a potential retest of the 50% Fibonacci level at $0.00001178. If this support holds, the triangle breakout pattern could regain momentum, with a bullish price target of $0.00002209 — representing an 80% upside from the retest level.
Bullish Signals Supported by EMA and RSI Indicators
PEPE continues to trade above the 200-day Exponential Moving Average (EMA), while the 50-day and 100-day EMAs approach a bullish crossover, a strong buy signal. Meanwhile, the Relative Strength Index (RSI) has slightly dipped but remains in the overbought zone, indicating a temporary cooldown in momentum. This aligns with PEPE’s struggle near the $0.00001426 resistance level, increasing the likelihood of a retest.
Should the price drop below the 50% Fibonacci level, PEPE may fall toward the 200-day EMA at $0.00001057. Even so, the support zone around $0.0000090 remains a stronghold for bulls.
A breakdown below $0.0000090 would invalidate the triangle breakout rally and could push the price down further to retest the $0.0000074 level.
