PEPE Surges 5.5% Challenging Key Resistance

PEPE, a prominent meme coin in the cryptocurrency world, has recently shown signs of resurgence after a prolonged period of decline. Traders are increasingly optimistic as the coin's price action indicates a potential significant breakout. This renewed interest in meme coins suggests that PEPE could be on the verge of a substantial comeback.

On the daily chart, PEPE has surged by over 5.5% in the latest session, closing at $0.00000846. This upward movement is challenging a key resistance cluster composed of the 20-day and 50-day simple moving averages. The price is now testing the SMA 50 (~$0.00000822) and is beginning to reclaim territory lost during its extended descent from previous highs.

This breakout attempt is noteworthy because it follows a lengthy consolidation phase. The price compression at the lower band, coupled with a bullish Heikin Ashi candle, suggests a shift in momentum. Historically, meme coins like PEPE often experience strong rallies when accumulation phases are followed by sudden surges in social sentiment or market-wide bullishness, which could be the case here.

The Relative Strength Index (RSI) is currently at 60.53, well above the neutral 50 zone and rising steadily. This indicates growing bullish momentum without overbought conditions, providing PEPE with more room to climb. The RSI has broken above its moving average, confirming the shift from bearish to bullish territory.

Additionally, the bullish divergence observed earlier in March, when the RSI began to rise while price action remained flat, has now materialized into a visible price breakout. This is often a precursor to stronger rallies, especially when paired with increasing volume and improving broader market sentiment.

The moving average ribbon, while still predominantly bearish with longer-term SMAs like the 100 and 200 above the price, is showing signs of flattening. The 20-day SMA is now curling upward, potentially signaling an early trend reversal.

Reclaiming the 50-day and 100-day moving averages is crucial for a full reversal. If the PEPE price can hold above $0.00000822 in the coming days and break through the $0.00000918 resistance, the next logical target lies around $0.00001266 (100-day SMA), followed by the December peak near $0.00002500. While it is too early to predict a return to all-time highs, the current setup resembles the early stages of PEPE's late 2023 rally. If meme coin sentiment explodes again, particularly with the broader crypto market heating up, a parabolic move is possible. Volume will be a key factor to watch, as a sharp uptick could trigger FOMO-driven price action.

If this breakout fails to gain traction and the PEPE price is rejected at the 50-day SMA, support lies at $0.00000707 and then down near the consolidation base at $0.00000600. A breakdown below this level would invalidate the bullish thesis and likely signal another leg down, possibly retesting the multi-month low near $0.00000500. However, with the RSI climbing and short-term SMAs beginning to align favorably, the probability currently favors bulls at least in the near term.

PEPE’s chart is flashing early signs of a major breakout. If momentum holds and volume confirms, we could be witnessing the start of PEPE’s next viral rally. Traders and meme coin enthusiasts should keep a close eye on resistance flips and RSI follow-through. The next few candles might just determine whether PEPE becomes the meme coin king of 2025.