Pepe (PEPE) price surges to its highest level since January, technicals point to more gains

Pepe (PEPE) surged to a high of $0.00001390, up by 160% from its lowest level in March, making it one of the best-performing meme coins.

Pepe (PEPE) price continued its strong surge on Friday, reaching its highest level since January and technicals indicate that the meme coin could trend higher.

Pepe surged to a high of $0.00001390, having risen by 160% from its lowest level in March, making it one of the best-performing meme coins.

The surge came as Ethereum (ETH) was squeezed higher and hit its highest level since March 3. Pepe and other Ethereum meme coins tend to perform well when Ether is in an uptrend.

It also came ahead of a meeting between U.S. and Chinese officials in Switzerland, where the hope is that the world’s two biggest economies will de-escalate tensions and possibly reduce tariffs.

Pepe’s price also went up as smart money investors bought the dip. Nansen data shows that there are now 16 smart money investors, compared to 12 earlier this month. These investors have increased their holdings to 3.20 trillion PEPE, up from 2.76 trillion earlier this week.

Pepe’s surge also came as the daily volume on decentralised and centralised exchanges rose to over $4.7 billion, higher than Dogecoin’s (DOGE) $3.14 billion and Shiba Inu’s (SHIB) $702 million.

According to Glassnode data, the total cryptocurrency futures open interest rose to over $530 million, the highest since January 17 and well above the year-to-date low of $137 million. A rising open interest is a bullish sign, showing growing demand. Pepe’s funding rate in the futures market has remained positive in recent weeks.

Pepe price technical analysis

The daily chart shows that Pepe found a strong bottom around the $0.000060 level throughout 2024. It failed to break below this price at least three times, forming a triple-bottom pattern with a neckline at $0.00002835, its all-time high. A triple bottom is a popular bullish reversal pattern.

Pepe has also formed a mini golden cross pattern, with the 50-day and 100-day Weighted Moving Averages crossing each other.

Therefore, the most likely price action is a short-term drop to retest support at $0.0000097, as retail investors book some profits. It may then rebound and target the 50% Fibonacci Retracement level at $0.000017. A breakout above that level could open the door for more gains, potentially retesting its all-time high at $0.00002835.