PEPE Meme Coin Surges 65% Amid Broader Crypto Market Strength

PEPE, a meme coin, has experienced a significant surge in price, trading near $0.00001345 after a 65% increase since May 8. This upward movement has transformed multiple resistance zones into support levels, coinciding with broader strength in the meme coin sector and a renewed risk-on sentiment in the crypto market. The PEPE price action has confirmed a breakout above its descending trendline on the daily chart, indicating the end of its multi-month downtrend that began in February.

The rally was initiated after PEPE reclaimed the $0.00000900 zone and invalidated previous lower highs on strong volume. The price is now testing a key resistance zone around $0.00001450, which aligns with the 0.5 Fibonacci retracement level drawn from the November 2023 swing high of $0.00002836 to the January 2024 low of $0.00000602. This surge marks one of the strongest PEPE price spikes since late 2023, attracting attention from both short-term traders and long-term meme coin holders.

On the 4-hour chart, PEPE broke out of a bullish wedge near $0.00000850 on May 8, followed by a clean retest and impulsive rally above $0.00001000. The current structure shows consistent higher highs and higher lows, with the price hovering just below the upper Bollinger Band and well above all major EMAs (20/50/100/200), signaling strong momentum. The RSI is currently at 71.7, flirting with overbought territory, but the MACD remains firmly bullish, with no bearish crossover yet. PEPE price volatility remains elevated, with the 30-minute chart displaying consolidation just below $0.00001350, suggesting a potential pause or flag formation before the next leg up.

Meanwhile, the weekly Fibonacci retracement shows that PEPE has reclaimed the 0.618 level at $0.00001120. This level now acts as immediate support, while the 0.5 level at $0.00001482 and 0.382 at $0.00001758 serve as upside targets. The breakout from the long-standing downtrend channel and surge through historical supply zones has reenergized bullish sentiment. The reasons for PEPE's price increase today can be largely attributed to a combination of technical breakout structures, meme coin rotation, and accelerating social volume. Volume expansion and trendline break confirmation from both the daily and 4-hour charts offer textbook reversal signals.

However, short-term caution is warranted, as the Stochastic RSI and Bollinger Bands suggest overextension. A minor pullback to $0.00001260–$0.00001220 remains possible if the bulls fail to hold momentum above $0.00001350. If PEPE price can sustain above the $0.00001260 pivot, continuation toward $0.00001450 and $0.00001480 remains likely. A breakout above $0.00001500 would open the door toward the key 0.382 Fib level at $0.00001758. On the downside, losing the $0.00001200 support could lead to a retest of the $0.00001120 breakout zone, though the structure remains bullish unless the price breaks back below $0.00001050.