Pepe Coin (PEPE) Price: Frog Meme Token Jumps 15% in 24 Hours

TLDR

Table of Contents

PEPE price is currently around $0.000009, up 15% intraday and 30% over the week
Analyst James Wynn predicts a breakout if PEPE overcomes the $0.00001 resistance level
Technical analysis shows a “Cup and handle” pattern forming, considered bullish by traders
A potential price target of $0.00002786 would represent a 273% rally from current levels
Trading volume has jumped 32.67% to $650 million, indicating increased investor interest

Pepe Coin’s price is gaining momentum with a 15% rise in the last 24 hours, pushing it to around $0.000009 as of Wednesday, April 23. The frog-themed meme cryptocurrency has seen a 30% increase over the past week, recovering from a bottom of $0.000007841 just a day ago.

Crypto analyst James Wynn recently shared a bullish technical analysis for PEPE, suggesting the coin is preparing for a major rally if it can clear key resistance levels. According to Wynn, PEPE is currently facing a psychological barrier at the $0.00001 mark.

The analyst believes that breaking through this resistance could trigger a brief period of volatility as short-term traders take profits at the $0.00001050 level. This action is expected to create what traders call a “Cup and handle” pattern, which is typically seen as a bullish indicator.

Since everyone is asking for $PEPE TA updates again, I’ll start them up again.
I see short term resistance around 0.00001000 (psychological resistance).
And clear resistance / take profit zone at 0.00001050.
Here we will see a cup form. Where short term traders take profit,… pic.twitter.com/Bwv3IdZpWD
— James Wynn (@JamesWynnReal) April 23, 2025

“We’ll then rally back fast to key resistance point 0.00001050, piercing through it and then come back down for a retest at that level to confirm the breakout,” Wynn explained in a recent post on X. This retest would establish the previous resistance level as new support, potentially setting the stage for further gains.

Breaking Down PEPE’s Technical Patterns

PEPE recently broke out of a descending channel pattern on its price chart. This technical formation has historically preceded major rallies for the token, with similar breakouts occurring three times in the past.

The current breakout has some analysts pointing to a potential price target of $0.00002786, which would represent a substantial 273% increase from current levels. However, price movements rarely follow a straight line upward.

Instead, traders might see a period of consolidation before any significant price advance materializes. This pattern of breakout followed by consolidation is common in cryptocurrency markets, especially with volatile meme coins like PEPE.

Market volume indicators are providing additional bullish signals. Trading volume for PEPE has surged by 32.67%, reaching approximately $650 million. This increase suggests growing investor interest and active trading of the token.

Futures Market Shows Bullish Sentiment

In the derivatives market, PEPE is also showing positive momentum. Open Interest has risen to $348 million, reflecting the total number of PEPE futures contracts currently open in the market.

While Open Interest alone doesn’t indicate market direction, the Open Interest Weighted Funding Rate provides more clarity about market sentiment. This metric currently sits at 0.00093% and has remained positive for the last three days, suggesting a bullish outlook among futures traders.

This alignment between spot market price action and futures market sentiment could provide additional momentum for PEPE’s price movement. When both markets show bullish signals, it often indicates stronger conviction among traders.

Despite these positive indicators, there are potential roadblocks to PEPE’s upward trajectory. After the recent breakout, many spot traders have begun taking profits, with approximately $8 million worth of PEPE already sold.

Profit-taking behavior is normal after price increases and could lead to short-term volatility or consolidation. If selling pressure continues as prices rise, PEPE might enter another round of consolidation before attempting its next major move upward.

The current market dynamics are occurring against a backdrop of broader cryptocurrency market strength. Ethereum recently topped $1,800, creating a positive environment for smaller altcoins and meme tokens.

For traders watching PEPE, the key level to monitor remains the $0.00001 resistance. A clear break and hold above this level could confirm the bullish outlook that analysts like Wynn are predicting.

Market participants should be prepared for potential volatility as PEPE approaches these critical levels. The psychological resistance at $0.00001 may prove challenging to overcome on the first attempt.

If PEPE does break through its resistance levels, increased FOMO (fear of missing out) could drive further buying interest and accelerate the upward movement. This psychological factor often plays a significant role in meme coin price action.

The recent price activity has left crypto market traders and investors abuzz with speculation about PEPE’s next move. As the token inches closer to the crucial $0.00001 mark, market participants are closely monitoring volume and price action for confirmation of the bullish thesis.

PEPE continues its recovery from recent lows as the broader crypto market shows signs of strength. The coming days will be critical in determining whether the token can convert the current momentum into a sustained uptrend.

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