PEPE Coin Hits All-Time High, Hinting Continued Rally

• PEPE reaches an all-time high of $0.00000675 with a 60% surge in 24 hours.
• PEPE surpasses Bonk (BONK) to become a top meme coin in the market cap.

In a week where green dominates the global market, meme coins have emerged as unexpected stars, with Pepe (PEPE) leading the charge with a staggering 378% surge in a week. Hitting an all-time high of $0.00000675, PEPE has claimed the third spot among meme coins, overtaking Bonk (BONK).

The rapid rise of PEPE signals the onset of a new altcoin season, as it outshines not only its meme coin counterparts but also commands attention across the entire crypto market by shedding one zero from its price.

Fueling the frenzy, PEPE’s daily chart showcases a series of bullish candles. This buries doubts of recovery and propels the coin to a remarkable 627% leap from its February low of $0.0000009328.

Pepe (PEPE) Price Chart (Source: TradingView)

At the time of writing, PEPE is trading around $0.00000669, with an active trading volume of $2.98 billion over the past 24 hours. Its total market value has surged over 60% to $2.80 billion in the same period, now accounting for 0.11% of the entire cryptocurrency market.

What Next for PEPE?

Investors are extremely greedy, with the Fear & Greed Index scoring 83 due to recent price surges. Further, leading analysts anticipate continued bullish momentum, foreseeing a potential 52% increase in the coming weeks, which could drive the PEPE price to $0.000008.

However, profit-taking actions that were witnessed in the previous session could pose risks, potentially pushing PEPE below the $0.0000050 level.

Furthermore, if there is an increase in selling pressure, the price may fall below the ascending trendline at $0.0000045. If it closes below the midline of the order block at $0.0000032, it could signal a continuation of the bearish trend.