PEPE Coin Explodes 40%: Bullish Breakout Eyes $0.000021 Target with 65% Upside Potential

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PEPE coin has staged a dramatic comeback, rallying nearly 40% as bulls push the popular frog-themed meme coin toward a key breakout level. With the broader crypto market climbing to $3.28 trillion, meme coins have returned to the spotlight, and PEPE leads the charge with strong technical signals suggesting a 65% upside to $0.000021.

PEPE Coin Price Action Signals Major Reversal

PEPE’s price action has taken a sharp bullish turn. Over the past two trading sessions, the coin printed two massive green daily candles. On May 8, PEPE jumped 35%, followed by a 20% intraday surge today, driving its price to a 24-hour high of $0.000013933, just beneath the psychological resistance at $0.000014.

This move has lifted PEPE beyond the 38.20% Fibonacci retracement level at $0.0000133, marking a key breakout zone in the ongoing reversal. As bulls continue to gain ground, the next immediate resistance lies at the 50% Fibonacci level, which stands at $0.00001584.

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Falling Wedge Breakout Targets 78.60% Fibonacci Level

The price chart also shows a falling wedge breakout, a classic bullish reversal pattern. If momentum persists, PEPE could rally toward the 78.60% Fibonacci level at $0.000021, a price level reflecting a 65% potential gain from current levels.

Technical indicators further validate this bullish scenario. The MACD and signal lines have formed a positive crossover, signalling upward strength. Meanwhile, the supertrend indicator has flipped bullish, reinforcing the continuation of this rally.

Key Support and Downside Risk

On the downside, the 23.60% Fibonacci level near $0.000010 serves as the critical psychological support zone. A breakdown below this level would invalidate the bullish structure and potentially push the price back toward the $0.000008832 support area.

For now, however, bulls remain in control as the price stays above both the falling wedge resistance and key Fibonacci retracement levels.

Derivatives Market Fuels PEPE’s Surge

Heated activity in the derivatives market supports PEPE’s explosive rally. According to Coinglass, PEPE’s open interest has surged 40%, reaching $633 million. The funding rate has climbed to 0.0105%, indicating increased long positioning among traders.

Notably, short liquidations have hit nearly $13 million in the past 24 hours, suggesting that bears are being squeezed out as the bullish narrative gains strength.

With a confirmed falling wedge breakout, rising momentum indicators, and bullish sentiment flooding the derivatives market, PEPE coin looks well-positioned to continue its upward push. A break above $0.00001584 could open the door to the $0.000021 target, representing a potential 65% gain from current levels.