📊 $PEPE Price Surges 90%: Is $0.000020 Next as Open Interest High Record High?

#PEPE price has hit $0.000015 with strong bullish momentum. Traders are now eyeing $0.000021, as derivative data shows record-long positions.

With the total crypto market cap rising to $3.3 trillion, the meme coin sector has surged by nearly 8%, reaching $76 billion. Among the top-performing meme coins, PEPE has gained over 80% in the past seven days.

Currently, the meme coin is nearing a breakout at the psychological resistance level of $0.000015. If the uptrend continues, technical indicators support the possibility of PEPE surpassing the $0.000020 milestone.

🔸 Pepe Price Analysis

With an intraday surge of nearly 10%, Pepe is trading at the $0.000015 mark. As the trend continues, starting with a morning star pattern on May 7, the meme coin has increased by nearly 90%.

The sudden boost in bullish momentum comes amid the broader market recovery. Furthermore, on the daily chart, the recovery in Pepe has marked a bullish breakout of a symmetrical triangle pattern. This is confirmed by the 35% surge on May 8, surpassing the long-standing resistance trendline.

Additionally, the meme coin surpassed the 200-day EMA line near the $0.000010 psychological mark. At present, the meme coin rally has overcome the 67.80% Fibonacci level at $0.00001426.

As Pepe continues to form strong bullish candles, the rising influence teases a potential bullish crossover in the 50 and 100 EMA lines. Additionally, the MACD and signal lines maintain a positive trend after the recent crossover. Hence, the technical indicators support the chances of Pepe maintaining a bullish trend this week.

With the breakout of the 61.80% Fibonacci level, the 78.60% level at $0.00001870 is the immediate price target, hinting at a 25% upside potential.

Hence, the technical analysis supports the possibility of Pepe surpassing the $0.000020 psychological mark. Conversely, a potential pullback will likely reach the 50% Fibonacci level at $0.00001178.