The memecoin market is back in focus after Pepe recorded a dramatic 40% surge in the past 24 hours, outperforming Dogecoin, Shiba Inu, and other top tokens.
The broader altcoin rally followed Bitcoin’s break past the $100,000 level and Ethereum crossing $2,200.
As a result, memecoins are now leading gains across decentralised finance, with some tokens recording double-digit increases in a matter of hours as renewed investor confidence returns.
Pepe, one of the more volatile assets in the segment, has just broken through a critical resistance at $0.000009 amid rising whale accumulation and a 150% jump in trading volumes.
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Technical indicators suggest this breakout could lead to a major price discovery phase and potentially a new all-time high for the token.
Trading volume for Pepe skyrocketed as larger investors, often called ‘whales’, began accumulating substantial amounts of the token.
The breakout above $0.000009 was seen as a major technical milestone, having acted as a stubborn resistance in the past.
The price move was accompanied by a 150% increase in volume, pointing to strong market interest.
Whale wallets reportedly bought millions of dollars’ worth of Pepe, which helped drive momentum past key price levels.
At the time of writing, Pepe is trading at $0.00001334, having surpassed the $0.000011 range that previously marked the token’s April high.
Source: CoinMarketCap
Pepe’s price chart shows a double-bottom reversal formation, with the neckline recently breached. Weekly technical indicators support a bullish continuation.
The Relative Strength Index (RSI) is showing a breakout into overbought territory, while the MACD has flipped bullish with a crossover above the signal line.
The token is currently testing its 200-day moving average on the weekly timeframe.
If it maintains support above this level, analysts suggest a move towards $0.00001712 is possible, followed by a run to $0.00002118.
Beyond that, the chart suggests Pepe could test the resistance channel top at around $0.00006, which would mark a new all-time high and potentially attract fresh speculative capital.
The broader memecoin market has seen significant gains in the past day.
BOOK OF MEME jumped 30%, while Fartcoin, Mog Coin, FLOKI, and ApeCoin posted increases between 18% and 20%.
Several others, including popular tokens in the top 100 by market cap, registered 15% gains or more.
The rally is widely viewed as being fuelled by Bitcoin’s strength, which has historically served as a catalyst for speculative altcoins.
Ethereum’s move above $2,200 has also restored confidence in riskier crypto assets, especially tokens with strong community backing like Pepe and others that have experienced prior bull cycles.
Unlike some of the smaller tokens, Pepe has managed to break key resistance with strong on-chain activity.
The bullish divergence across technical indicators hints at sustained buying interest, particularly as the meme sector enters what some traders call a “parabolic” phase with high volatility.
The post Pepe price jumps 40% amid memecoin rally driven by Bitcoin surge appeared first on CoinJournal.
Pepe price jumps 40% amid memecoin rally driven by Bitcoin surge
Source: https://coinjournal.net/news/pepe-price-jumps-40-amid-memecoin-rally-driven-by-bitcoin-surge/
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