Pepecoin (PEPE) price increased by 5.4% compared to last week, managing to outperform other famous meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) amid a recent increase in trader interest. Its futures contract volumes—an indicator known as open interest—reached an all-time high of $650 million. Some meme coins, particularly those based on the Solana blockchain, gained positive momentum, with PEPE capturing a significant share, while others like Fartcoin (FARTCOIN) and SPXX6900 (SPX) ranked among the best performers last month, providing gains exceeding 40%.
The recent surge of PEPE has solidified its position as the third meme coin in terms of market capitalization at $5.2 billion, distancing itself by about $3 billion from its nearest competitor, Official Trump (TRUMP). After PEPE's strong price surge that drove it up from about $0.0000080 to $0.00001600, is this prominent meme coin about to undergo a correction wave? Or is it preparing to re-test its recently recorded highs?
PEPE's price breached the extended trendline support since late May when it decisively fell below the $0.00001300 level accompanied by strong trading volumes. Although it initially received support around $0.00001100, it continued to decline until it approached $0.000010, which proved to be the most important support level for PEPE's price during correction periods.
On its part, momentum indicators showed signs of improvement, with the relative strength index (RSI) reading recently rising above its midpoint over the last 14 days, indicating that the recent upward wave has gained additional strength. However, PEPE's price has recently failed—apparently—to break through the 200-day exponential moving average (EMA-200), suggesting the possibility of re-testing the support level of $0.00001100 again. If the price successfully rebounds upwards from there, the expectations for PEPE's price to continue rising will become more likely. At that point, its target will be to touch $0.00001500 in the foreseeable future.
