Pepe Meme Coin Surges 25% Amid Crypto Recovery

Cryptocurrency markets are showing signs of recovery today, with Bitcoin (BTC) and Ethereum (ETH) leading the charge and influencing other major cryptocurrencies. Amid this bullish sentiment, Pepe (PEPE), the third-largest crypto meme coin, has surged significantly and is poised for a 25% rally, with key levels to watch.

PEPE is currently trading near the $0.00001022 level, having experienced a price surge of over 5% in the past 24 hours. Despite this bullish outlook, trading volume has dropped by 30%, indicating lower trader and investor participation. However, technical analysis suggests that PEPE has formed a bullish inverted head and shoulders pattern on the four-hour chart, with the price reaching the breakout level.

If the price rally continues and PEPE breaches the pattern, closing a four-hour candle above the $0.0000105 level, there is a strong possibility that the meme coin could soar by 20% to reach the $0.000013 level in the future. This pattern has formed at a crucial support level of $0.000009, which has a history of price reversals and is expected to hold.

On-chain analytics firm Coinglass reports that investors and long-term holders are accumulating PEPE, with exchanges witnessing an outflow of a significant $10.50 million worth of the meme coin in the past 48 hours. This hints at potential accumulation by long-term holders and investors, which could cause buying pressure and upside momentum.