Pepe Coin Gains 30% Weekly, Eyes $0.00001 Resistance

Pepe Coin (PEPE), a frog-themed meme cryptocurrency, has shown strong signs of an imminent price rally, according to market analysts. Trading at approximately $0.000009 at the time of reporting, PEPE has already gained 15% in the last 24 hours and 30% over the week.

Market analyst James Wynn recently highlighted that PEPE is facing a key psychological resistance level at $0.00001. Wynn suggests that if the token successfully breaks through this barrier, it could experience a brief period of volatility before stabilizing. The analyst predicts a “cup and handle” pattern formation, where the price will likely pull back after breaking resistance, retest the $0.00001050 level, and then confirm this as new support. This scenario typically triggers FOMO (fear of missing out) among traders, potentially driving prices higher.

PEPE recently broke out of a descending channel, a pattern that has preceded major rallies three times in the past. This technical development has caught the attention of traders looking for confirmation of a new uptrend. Several technical indicators support a positive outlook for PEPE price. Analysts have identified a bullish Gartley harmonic pattern on PEPE charts, projecting a near-term target of $0.00000958. This represents a potential 25% increase from current levels. A falling wedge pattern has also formed after PEPE bounced from $0.000005860, typically signaling a reversal and suggesting renewed buying pressure. These patterns establish the groundwork for a potential rally, though increased volume is needed for confirmation.

The token faces resistance at $0.00000890 and $0.00000958, with the 200-day exponential moving average (EMA) also presenting a challenge. Breaking through these levels could shift market sentiment positively and establish a more stable uptrend. Despite these bullish signals, PEPE has struggled to maintain levels above $0.00000800, showing repeated rejections that indicate persistent selling pressure in the short term.

On-chain data reveals a surge in whale accumulation, with large PEPE wallets increasing their holdings from 131 trillion to 172 trillion tokens recently. This coincides with a drop in exchange-held supply from 45% in November to just 26.6% currently. This shift toward self-custody suggests growing confidence among influential investors who may be positioning themselves for a potential price breakout. Whale behavior often precedes market movements, making this accumulation pattern a positive signal for PEPE’s trajectory.

In the futures market, open interest has risen to $348 million, reflecting the total number of PEPE contracts currently active. The Open Interest Weighted Funding Rate has remained positive for three consecutive days at 0.0093%, suggesting a bullish market sentiment. Some analysts have projected an ambitious price target of $0.00002786, which would represent a 273% rally from current levels. However, such projections should be approached with caution as consolidation phases often precede major moves.

Recent profit-taking activity could potentially slow PEPE’s momentum. After the recent breakout, spot traders have sold approximately $8 million worth of PEPE, which could push the token into another consolidation phase before continuing its upward trajectory. PEPE currently stands at a critical juncture. If volume and price action validate the bullish patterns, the token could overcome resistance barriers and achieve a significant price surge. However, traders should remain vigilant as short-term bearish signals and market uncertainty still present risks. If PEPE fails to maintain current support levels or faces rejection at key resistances, a pullback toward $0.00000680 appears possible.

The cryptocurrency market’s unpredictable nature calls for patience and strategic positioning rather than impulsive trading decisions based solely on short-term price movements. With technical patterns, whale activity, and market sentiment aligning, PEPE appears poised for potential upward movement. The next few days will be crucial in determining whether this meme coin can capitalize on its current momentum and break through key resistance levels.