Pepe (PEPE) Coin Rockets More Than 80% as Bitcoin (BTC) Reaches $104,000

Pepe (PEPE) price has surged by 80% over the past week as the meme coin market continues to heat up.

The recent rally in Bitcoin above $104,000 has sparked renewed interest in the meme coin sector, leading to significant gains for popular coins like Dogecoin (DOGE) and Shiba Inu (SHIB), which rose 32% and 21%, respectively.

However, PEPE has outperformed its peers with an even more impressive performance.

PEPE Surpasses Key Technical Levels

The latest data from CoinGlass shows that PEPE broke above its 200-day Exponential Moving Average (EMA) and the 61.8% Fibonacci retracement level of $0.00001426.

The Relative Strength Index (RSI) is currently above 70, indicating overbought conditions but also reflecting strong buying pressure. Similarly, the MACD shows a positive crossover with upward-trending histograms.

Perhaps most telling is the Average Directional Index (ADX) at 71.88, a rare reading that suggests the strength of the current uptrend. One analyst from CoinGlass noted, “When the ADX is this high, it usually confirms that the trend is very strong and unlikely to reverse in the short term.”

As the meme coin market continues to heat up, new data from IntoTheBlock reveals a massive surge in transactions of $1 million or more for PEPE.

According to the latest analysis, transactions between $1 million and $10 million have shot up by a staggering 750%.

Furthermore, transactions in the $100,000 to $1 million range increased by 177.94%, while those between $10,000 and $100,000 rose by 173.93%.

This dramatic increase in large investor participation signals growing confidence in PEPE’s upward momentum.

A recent example reported by blockchain transaction tracker Lookonchain showed a crypto whale quickly closing a position on TRUMP to open a 10x long position on PEPE. This trader now holds an unrealized profit of $81,000, reflecting the growing bullish sentiment.

The surge in trading volume is not limited to whales. Retail investor participation has pushed overall trading volume up by 40%, showing broad-based interest in the meme coin.

PEPE’s derivatives data provides further evidence of market optimism. Open Interest in futures trading has reached a record $595.36 million, up from $398 million just days ago.

The long-to-short ratio has increased to 1.09, the highest in more than a month, indicating that most traders are betting on higher prices. Over $3 million in short positions were closed in the past 24 hours alone, with $1.14 million of those closures happening within just four hours.

These forced closures of short positions can create a “short squeeze” effect, potentially fueling further price increases as traders who bet against the market have to buy tokens to close their positions.

Next Critical Levels For PEPE Price

Market analysts are now focusing on $0.000016 as the next critical resistance level. If PEPE can close above this level, it could rally toward $0.000021 (the January high) and potentially reach $0.00002649 based on Fibonacci projections.

Some technical analysts suggest that if the current breakout holds, PEPE could climb as high as $0.00003864, based on the depth of a rounding bottom pattern that has been confirmed on price charts.

However, caution is warranted. With the RSI in overbought territory at 85.40, a price correction in the coming days remains possible. If a pullback occurs, immediate support lies at $0.000013, with deeper support at $0.000010.

The high liquidations of long positions, which have spiked to nearly $5 million on the 12-hour chart, also suggest that a retest of lower support levels may be coming. Many analysts view this as a potential “buy-the-dip” opportunity for confident investors.

Despite $10.52 million in net inflows of PEPE into exchanges on May 12 (and $18.55 million over the past week), the coin has continued its upward trajectory. This shows that even with profit-taking, buyer demand remains strong enough to absorb the selling pressure.

Data reveals that the average holding time of transacted PEPE remains under one month. This indicates that short-term traders are actively taking profits, while long-term holders appear to be holding on in anticipation of further gains.

The meme coin market as a whole has reached a 3