Pepe Coin (PEPE) Price Hits Its Highest Level Since January

Pepe (PEPE), the third-biggest meme coin after Dogecoin (DOGE) and Shiba Inu (SHIB), jumped to a high of $0.00001535

Pepe Coin price continued its strong rally on Monday, reaching its highest level since January as the cryptocurrency surged to $0.00001535.

What Happened: The third-biggest meme coin after Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) saw a massive 180% rise from its lowest point this year. As of Monday morning, it was trading at $0.000009212, according to Benzinga pro.

The rally occurred as Pepe’s 24-hour trading volume soared to over $3.2 billion, outpacing the combined volumes of Shiba Inu, Official Trump, and Bonk.

Moreover, demand in the futures market is heating up, with open interest hitting a record high of over $662 million. This stands in stark contrast to the March low of $165 million, when Pepe was undergoing a prolonged sell-off.

The meme coin’s recovery accelerated following last week’s Ethereum (CRYPTO: ETH) breakout, which propelled ETH to $2,500 from last month’s low of $1,387. In most cases, ERC-20 tokens tend to perform well when Ethereum is in a strong uptrend.

Like other cryptocurrencies, Pepe is also being influenced by renewed trade optimism following the agreement between the U.S. and China to reduce tariffs. The 145% tariff on Chinese imports will decrease to 30%, while the 125% levy on U.S. goods will be reduced to 10%. The two countries will continue negotiations to improve bilateral relations.

A potential trade deal between the U.S. and China, along with a similar deal between the U.S. and the U.K., could pave the way for broader global trade agreements. This scenario could lead to a reduction in U.S. inflation, increasing the likelihood of Federal Reserve interest rate cuts.

Pepe Price Prediction:

The ongoing Pepe Coin price surge aligns with what crypto.news predicted several times, as highlighted here, here, and here. These forecasts focused on the large falling wedge pattern that had formed on the daily chart.

This pattern, defined by two descending and converging trendlines, typically signals a bullish breakout. Pepe also formed a double-bottom pattern around the $0.0000057 level and has now moved above the neckline at $0.000009212. This double-bottom is a widely recognized bullish reversal formation.

However, one factor to consider is that Pepe has become significantly overbought, with the Relative Strength Index reaching 84. In past instances, such conditions have often resulted in brief pullbacks as investors take profits.

If this reversal occurs, the next key level to monitor will be at $0.000009212, the neckline of the double-bottom pattern, which is roughly 35% below the current price. A decline to this level would still be viewed as bullish, forming part of a ‘break-and-retest’ setup, a common continuation pattern.