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Pepe price continued its upward momentum on Friday, reaching its highest level since January. Technical indicators suggest the potential for further gains in the near term.

Pepe’s Impressive Performance

The price of Pepe surged to $0.00001390, marking a 160% increase from its lowest point in March. This makes Pepe one of the best-performing meme coins in recent months. Its rally coincided with Ethereum’s upward trend, as Ethereum reached its highest level since March 3, following a short squeeze. Historically, Ethereum meme coins, including Pepe, tend to perform well during Ether uptrends.

Market-Wide Rally Amid Optimistic Economic Developments

Pepe’s surge also occurred alongside a broader rally in cryptocurrency and stock markets. This rally was fueled by optimism surrounding a meeting between U.S. and Chinese officials in Switzerland, with hopes that the world’s two largest economies might ease tensions and reduce tariffs.

Smart Money Investors Driving Momentum

Another factor contributing to Pepe’s price increase was the activity of smart money investors. According to recent data, the number of smart money investors holding Pepe rose to 16, up from 12 earlier this month. These investors increased their total holdings to 3.20 trillion PEPE, compared to 2.76 trillion earlier in the week. This influx of institutional interest signals growing confidence in the meme coin’s potential.

Trading Volume and Futures Market Indicators

Pepe’s daily trading volume surged to over $4.7 billion, surpassing Dogecoin’s $3.14 billion and Shiba Inu’s $702 million. Additionally, futures open interest for Pepe climbed to over $530 million, the highest level since January 17. This rise in open interest reflects increased demand and is often considered a bullish signal. Furthermore, Pepe’s funding rate in the futures market has remained positive, indicating sustained investor interest.

Pepe Price Technical Analysis

The daily chart analysis reveals that Pepe has established a strong bottom around the $0.000060 level throughout 2024. This price level has acted as critical support, with Pepe failing to break below it on at least three occasions, forming a triple-bottom pattern. The pattern’s neckline is at $0.00002835, which also represents Pepe’s all-time high. Triple-bottom formations are widely regarded as bullish reversal patterns, suggesting potential upward movement.

Additionally, Pepe has formed a mini golden cross pattern, where the 50-day and 100-day Weighted Moving Averages have crossed each other. This crossover is often seen as a bullish indicator in technical analysis.

Short-Term Price Predictions

In the near term, Pepe may experience a slight pullback as retail investors take profits, potentially retesting the support level at $0.0000097. Following this correction, the price might rebound and target the 50% Fibonacci Retracement level at $0.000017. If Pepe successfully breaks above this level, it could pave the way for further gains, with the possibility of retesting its all-time high at $0.00002835.

For investors, staying informed about market trends and monitoring key technical levels can help make strategic decisions. As Pepe continues to gain traction, its performance reflects the growing interest in meme coins within the cryptocurrency market.

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