Pepe Soars 50% Daily: Correction Ahead or Fresh Rally Igniting?
PEPE has emerged as the premier meme token captivating traders, rocketing 45% in 24 hours—a meteoric “god candle” surge—bolstering optimistic projections for its price trajectory. This breakout concludes a month-long stagnation phase confined between $0.50 and $1, propelling PEPE into the spotlight as a top contender for crypto portfolios.
Amid easing macroeconomic pressures—including progress on a US-UK trade pact and a mixed Federal Reserve policy stance—market stagnation appears to be thawing. PEPE’s futures market activity underscores renewed momentum, with open interest hitting $531 million (a January-level high), highlighting intriguing opportunities in derivatives trading, per CoinGlass.
Retail participation is rebounding as fear-driven sentiment fades, yet conflicting signals emerge. The long/short ratio now sits at 0.9992, signaling increased bearish bets as traders brace for potential downside. Technicals echo caution: the daily RSI has soared to 82, deep in overbought territory, suggesting exhausted upward momentum and a looming correction.
However, parallels to PEPE’s prior parabolic rally—a 265% surge following a descending channel breakout—hint at a possible repeat. Momentum indicators add nuance: the weekly RSI has crossed 50 (neutral) to 52, its strongest since January. If historical patterns hold, PEPE could eye a 220% climb toward $0.00042, testing a multi-month resistance zone dominating 2024’s price action.
While short-term volatility may precede consolidation, PEPE’s resurgence underscores its volatility-driven appeal in a shifting market landscape. Traders now weigh whether this surge marks a fleeting spike or the foundation for a historic rally.
