Pepe (PEPE) Leads the Meme Coin Rally with a Strong Breakout, Gaining 12% in 24 Hours. Is $0.000030 the Next Target?

As the altcoin rally gains momentum, meme coins are at the forefront, with a 4.56% increase in total market cap, now nearing $70 billion.

Pepe is spearheading the meme coin recovery with a robust breakout, delivering a 12% gain in 24 hours. As the altcoin rally intensifies, meme coins are leading the charge, with a 4.56% increase in total market cap, now nearing $70 billion. Among the top performers, Pepe has surged nearly 12% in the past 24 hours, breaching the key resistance at $0.000015.

This breakout could propel the Solana-based, frog-themed meme coin toward a new all-time high.

On the 4-hour chart, Pepe is displaying a consolidation range between $0.00001274 and the upper ceiling near the psychological level of $0.000015. The meme coin has formed a bullish flag, combining a 100% surge in early May with the subsequent consolidation.

On Thursday, Pepe jumped nearly 14%, decisively closing above the upper boundary of the flag. This breakout signals a strong upward move. The initial price target is the 50% Fibonacci level at $0.00001792, calculated by adding the flag’s height to the breakout point.

A more optimistic target is reached by adding the full length of the flagpole to the breakout point, aiming for the $0.000030 psychological level. This represents an upside potential of nearly 100% from the breakout point.

Surprisingly, this indicates the potential formation of a new all-time high for the meme coin, assuming the broader market uptrend continues.

Supporting the bullish case, the MACD and signal lines remain in a positive trend following a recent crossover. However, the Relative Strength Index (RSI) is approaching overbought territory, signaling possible pullback risks.

Currently, the PEPE price is down 4% over the past four hours, setting the stage for a post-retest reversal.

Amid the bullish trend, short liquidations on Pepe have surged to approximately $3 million over the past 24 hours. As bulls take control of the spot price, the derivatives market is witnessing a sharp increase in anticipation.

Open interest in Pepe has jumped nearly 20%, reaching $697 million, indicating heightened trading activity. Notably, the funding rate has climbed to 0.0227%, signaling strong bullish sentiment behind the increased activity.

This surge reflects a robust bullish narrative, one likely to fuel the next leg of Pepe’s breakout rally.