Pepe (PEPE) Price Jumps by Nearly 7% Today to Hit $0.00001453, Continuing the 68% Growth Observed Last Week

PEPE trades at a market price of $0.00001453, last seen on January 31, after 100 days. The stronger comeback has surpassed the 200-day Exponential Moving

Pepe Coin (PEPE) price showed promising gains of nearly 7% today to reach $0.00001453. This follows a 68% surge last week. The ongoing bull run is now setting up a key level breakout that could extend the rally this week.

Moreover, new data from IntoTheBlock shows that the Pepe price surge also managed to shake out $1.14 million in bearish positions in just 4 hours. This marks a strong week opening for the frog-themed meme coin.

Pepe Price Analysis: Technical Deep Dive

The cryptocurrency market has seen its fair share of ups and downs, but few stories have captured attention quite like Pepe Coin (PEPE). After a substantial downturn that nearly threatened its recovery, PEPE demonstrated remarkable resilience with a 68% price surge last week.

As of the latest market snapshot on January 31, Pepe trades at a market price of $0.00001453. This price point comes after 100 days and places the token above the 200-day Exponential Moving Average (EMA).

Furthermore, the recent price action is now setting up a key level breakout that could extend the rally. As investors follow the technical analysis closely, the potential for a 170% upside from here is in sight.

The 61.80% Fibonacci level at $0.00001426 will be key for the upcoming breakout. As the chart shows, the PEPE price is setting up a rounding bottom breakout.

Pepe price fell nearly 60% from $0.00001386 to $0.000005698, between February 1 to March 10. Bottoming out above the $0.0000050 psychological demand zone Pepe price action forms a semi-circle formation, called a rounding bottom pattern, with a neckline at the 61.80% Fibonacci level.

Currently, the PEPE price trades above the neckline and a daily closing above $0.00001426 will mark a decisive breakout, highlighting a 170% upside potential. The target is evaluated by adding the depth of the semi-circle to the breakout point, targeting $0.00003864.

Hence, the pattern breakout’s optimistic target aligns with Coingape’s bullish PEPE coin price prediction.

The meme coin also managed to surpass the 200-day EMA, which in turn influences an uptick in the 50 and 100 daily EMAs, hinting at a positive crossover. Moreover, the rising MACD and signal lines with a surge of green histograms reflect increased trend momentum.

According to the potential 61.80% Fibonacci level breakout, the retracement tool targets the 100% level at $0.00002649, a 75% rise. A minor hurdle at the 78.60% level near $0.00001870 could hamper Pepe’s potential surge to a new all-time high.

However, a failure to drive daily closing above the neckline could prolong Pepe’s fluctuation within the pattern. Conversely, a break below the 38.20% Fibonacci level near the $0.000010 psychological support will nullify the reversal pattern. The next support remains at $0.000007669.

Pepe Bulls Absorb $18.55M Supply Spike Last Week

The recent surge in PEPE's price can be attributed, in part, to a short-term tug-of-war between profit-takers and long-term holders. As highlighted by data from Coinglass, Pepe Spot Inflow/Outflow experienced a netflow of $10.52 million into exchanges on May 12, which was later followed by an $18.55 million inflow last week.

Despite this substantial supply spike, the Pepe rally ultimately prevailed. This outcome signals that buyers effectively absorbed the selling pressure, ultimately demonstrating the strength of the bulls.

Further analysis from IntoTheBlock reveals that the average holding time of transacted coins has remained below one month for the past few weeks. This observation suggests that short-term traders might be cashing out their earnings, whereas long-term holders are largely standing on the sidelines.

Open Interest Reaches $600M as $1M in Short Positions Liquidate

The momentum in the PEPE market continues to build as derivatives data aligns with the increasing optimism. According to data from Coinglass, the Open Interest (OI) in PEPE futures has almost reached the $600 million milestone, indicating a massive increase in leveraged trading activity.

Adding a bullish perspective to this scenario