Trump Post Sparks 5% Surge in Pepe Meme Coin

On May 29, US President Donald Trump posted a cryptic message on Truth Social, which sparked a flurry of excitement among crypto traders. The post was interpreted by some users as a hidden reference to the Pepe meme coin (PEPE).

Following the post, PEPE's price experienced a brief surge, rising by 5% within a few hours. However, this gain was short-lived as the price corrected by 15% shortly after. Traders are now closely monitoring the situation to see if this social media push can replicate the impact that Elon Musk once had on Dogecoin.

The volatility in PEPE's price movement highlights the rapid shifts that can occur in the meme coin market. A single tweet or post can send prices soaring, but it only takes a bit of selling to push them down again. Trump's message, which included the phrase "on a mission from God" and a dark street scene with the words "nothing can stop what is coming," added to the dramatic and urgent tone, potentially fueling excitement among his supporters and PEPE enthusiasts.

Chart watchers have noted that PEPE appears to be forming a cup-and-handle pattern, which began approximately five months ago. If the coin breaks above the handle, some analysts predict it could reach $0.000026, doubling its current level. However, the MACD line is currently below the signal line after a recent death cross, indicating a near-term downtrend. The RSI has dipped toward 52 and may cross below it soon, which could keep sellers in control.

The 0.618 Fibonacci retracement level sits at $0.00001 and could act as a bounce point. If this level gives way, traders will look at $0.000008 as the next support. The broader market's risk-on mood was dampened by the US Court of International Trade's reversal of Trump’s tariff suspensions, which occurred around the same time that PEPE spiked. This trade news, combined with social hype, contributed to PEPE's price correction after its brief rally.

Looking ahead, traders will need more than a hint in a post to sustain PEPE's climb. If the coin can break above its current resistance by mid-June, $0.000026 seems to be the main target. However, a falling MACD and RSI point toward more selling pressure first. Traders should watch the 0.618 level at $0.00001 for signs of a bounce. If that level breaks, they’ll likely aim for $0.000008 next.