Pepe Coin (PEPE) Surged 1.7% in the Past Hour to $0.0000127 as Trading Volume Hit $1.6B—Its Highest Level Since May 2024

A bullish falling wedge pattern suggests a 40% rally to $0.0000181, but with whales betting $4.5M on longs and the MACD flashing buy signals

Pepe Coin (PEPE) price surged by 1.7% in the past hour to $0.0000127 as trading volume hit $1.6B—its highest level since May 2024.

While traders are anticipating a 40% rally with the bullish falling wedge pattern and MACD flashing buy signals, suggesting traders are bracing for a breakout.

But, with derivatives volume also surging and whales betting $4.5M on longs, the breakout is likely to bring huge volatility.

40% Breakout Rally in Sight for Pepe Coin Price

The lower highs and lower lows Pepe Coin price produced since the May 23 high of $0.0000163 have resulted in a falling wedge pattern. This bullish setup forecasts a 40% rally to $0.0000181 upon a successful breakout above the wedge’s upper trendline.

At press time, PEPE is knocking on the upper trendline. Assuming the frog-based top meme coin produces a decisive daily candlestick close above $108, it would signal a breakout. In such a case, adding the wedge’s height to the aforementioned breakout point would yield a target of $0.181.

Additionally, supporting this uptrend is the bullish MACD crossover on the daily timeframe. This is a classic sign of shifting momentum, favoring bulls, suggesting that a Pepe Coin price rally may be imminent.

PEPE’s decisive daily candlestick close above the 200-day SMA also notes a bullish shift in market structure. This development adds tailwind to the aforementioned optimistic outlook. If the ongoing pullback holds above this key SMA, it could trigger a sustained uptrend for Pepe Coin price.

A breakdown below the critical support level of $0.00106 will invalidate the falling wedge and its bullish forecast of $0.181. In this case, a 50% crash in PEPE’s price may be likely, as noted in a previous CoinGape analysis.

Spot & Derivative Volumes Hit Record Highs

Pepe Coin’s rising spot and derivative volumes are fueling the bullish momentum. At press time, CoinMarketCap’s data reveal that PEPE’s 24-hour trading volume of $1.6 billion over shadows that of other meme coins, including the original meme token, Dogecoin (DOGE).

Meanwhile, Coinglass data shows that Pepe Coin’s derivative volumes had jumped by 37% in 24 hours to $3.94 billion, the highest level since December 10. This sharp uptick further highlights trader interest and suggests speculative positioning ahead of a major price move.

The 10% spike in open interest to $573 million aligns with the upticking 24-hour volumes. The increase in OI shows the opening of new positions on PEPE. The Hyperliquid whale tracker shows that whales have opened more than $4.5 million long positions on PEPE within 24 hours. All of these serve as a tailwind to the forecasted 40% rally for Pepe Coin price.

Therefore, considering the bullish MACD crossover, falling wedge pattern, and surging volumes, PEPE price appears primed for a roughly 40% rally. However, the bullish momentum hinges on a confirmed breakout above wedge resistance, with a failure to hold key support at the lower trendline set to invalidate the setup, exposing Pepe Coin to further downside.

To get a more in-depth analysis and prediction on Pepe Coin price for the next five years, Read This.