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In the last 24 hours, Pepe Coin has caught significant attention by appreciating nearly 40%. This remarkable rise in the altcoin market was triggered by Bitcoin 
$109,740 surpassing $100,000 and Ethereum 
$2,562 breaching the $2,300 threshold, leading to excitement in the memecoin market. Pepe has outpaced its competitors, such as Dogecoin 
$0.234602 (DOGE) and Shiba Inu (SHIBA), approaching critical resistance levels. Analysts believe that even a small upward momentum could push the altcoin to attain much higher levels by the end of May.
Strong Rally Signals Emerge from the Altcoin
With the hype surrounding memecoins coming back into play, Pepe emerged as a standout coin in the recent trading session. The recovery in Bitcoin and Ethereum added further momentum to the altcoin. Noteworthy purchases by whales and a 150% leap in volume provided a strong foundation for the rally.
Analysts indicate that an additional 10% rise could propel the altcoin into a serious bull run. Such a move could result in over 60% additional gains by the month’s end. Although other memecoins also experienced double-digit increases, Pepe stands as the leader this time around.
Technical Indicators: What Do They Say for Pepe Coin?
Examining Pepe’s price chart reveals a clear double bottom formation, breaking free from the pressure witnessed since the start of the year. After overcoming the formation’s neckline, the price surpassed the $0.000011 resistance, showcasing dynamic movement. This activity has generated a strong bullish signal on the weekly RSI and MACD indicators, cementing a bullish trend in the altcoin.
Currently, the 200-day moving average on the weekly timeframe is being tested. If the price exceeds and sustains above this level, a move towards $0.00001712 and then to $0.00002118 is anticipated. Upon reaching these targets, Pepe could ascend to the upper boundary of its following channel, potentially attempting a new record at $0.00006.
