Highlights:
- PEPE is in a bullish breakout mirroring the trend across the cryptocurrency market
- Continuation of the rally could see PEPE test December 2024 highs of $0.00002838
- PEPE could continue gaining if Bitcoin sustains momentum above $100k
PEPE has been in the green for the past two days. This is a mirror image of the broader market, which is also pumping. PEPE’s trading price at press time is $0.00001309, 43.01% higher than the preceding day. This spike is due to digital assets, mainly due to a risk-on shift in the market.
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PEPE trading volumes are also on the rise. Up to $3.28 billion has been traded in PEPE, reflecting a 348% increase in trader activity relative to the coin’s former trading volume. In this context, the increase in volume is a sign that FOMO is building up. A price rally accompanied by high volume is considered a strong indicator of demand and further supports PEPE’s bullish price increase trend.
Ethereum Rally Boosting PEPE Price
PEPE’s surge is mainly driven by Bitcoin’s rally and holding above $100k. This signals that bulls are back in the market, and investors expect meme coins to do well. Bullish sentiment in PEPE is also driven by Ethereum’s rally in tandem with Bitcoin. This is unlike during Bitcoin’s earlier breakout when Ethereum lagged. Ethereum’s bullish sentiment means meme coins like PEPE could rally to new highs.
$ETH just had its biggest single-day pump since 2021 yesterday…and the ripple effect is real. ⚡️
Ethereum ecosystem tokens are seeing a surge in activity, with rising DEX volume over the past 24h:
Two memes, $PEPE and $MOG, are looking… pic.twitter.com/ca0rdVpPRe
— Alphanomics 💧 (@Alphanomics_io) May 9, 2025
Bullish Cup and Handle Formation Suggests More PEPE Upside
PEPE is also sending bullish signals on the chart. PEPE is currently showing a cup and handle trading pattern, which is usually a bullish signal. This traditional setup is a continuation pattern often preceding major price breakouts. PEPE has rebounded from a dip in early April and is now trading above the 23.60% Fibonacci retracement level of $0.00000823, confirming the bounce. The neckline is approximately 9 cents, and its breach could clear PEPE’s path to 14.65 cents, which aligns perfectly with the 61.80% Fibonacci extension.
$PEPE
🟢 Although it gave a false signal in February, this time the technical setup held up.
📌 Watch the 0.00001153 region closely — it's a critical resistance zone.🔁 Potential Pullback:
• A correction from this level is likely.
➡️ First target on a dip: 0.00000900🚀… https://t.co/FLj7QN7w9w pic.twitter.com/OcsiYZtTVj
— Cihan Türkmen (@noktali_kanca) May 8, 2025
Whales Are Accumulating PEPE – A Bullish Signal
Data shows that whales in the 10-100 trillion PEPE token bracket have increased their holdings by over 20% since January. The PEPE holdings rose from 119.83 trillion on the first day of the year to 144.56 trillion, almost five months into the year. This indicates that whales are gearing up for a significant price rally, and their moves could trigger retail FOMO.
PEPE price jumps 35% to $0.00001124 as whales accumulate 2 trillion tokens. Trading volume surpasses Dogecoin while 65% of Binance traders go long. Technical breakout suggests more gains ahead. $PEPE Full Story Below 👇
— CoinCentral (@realcoincentral) May 9, 2025
The derivatives market adds another layer of confirmation, as seen in open interest now at $396 million. This tilt, favoring the longs, reflects greater market confidence and suggests traders expect the rally to continue.
Meme coins are heating up again, with $PEPE leading the charge 🐸
Open Interest just hit $531M – closing in on its ATH of $555M 📈
$5.71M in shorts just got wiped out 🔴 pic.twitter.com/qP2oQZ8DFr
— Trader Edge (@Pro_Trader_Edge) May 9, 2025
Short Liquidations May Send PEPE Price Higher
As the price of PEPE rises, the possibility of driving further upside through short liquidations could add fuel to the rally. The Pepe Liquidation Map shows that $1.12 million in short positions is available for liquidation around $0.00000843. If PEPE can maintain or exceed the price above, forced short positions would exacerbate the rate at which PEPE rises and would act as a bullish catalyst.
After we sweep that liquidity and flip the 0.618 level into support, the next liquidity target is 0.000021 ,then a move to the ATH.
Some traders will take profits around the golden pocket (0.65–0.618). At $6B market cap, expect short-term volatility." pic.twitter.com/qwku71UFf7
— Morja 🐸 (@MorjaAlex) May 9, 2025
Technical Analysis – PEPE Bulls Take Control
PEPE bulls are clearly in control, as seen on the weekly chart. If bulls sustain momentum, the key level to watch will be the $0.00001602 resistance.
A rally through the $0.00001602 resistance could see PEPE rally around the $0.00002643 resistance. It would also pave the way for a potential rally to new highs.
Recap
The recent price action and high volume brought in by the whales, coupled with bullish futures positioning, indicate that PEPE is ready to extend its rally. If the current price pump continues, especially with ETH and BTC holding decisive levels, PEPE might undergo a new price discovery phase.
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