The PEPE meme coin has recently displayed notable bullish momentum, distinguishing itself within the broader meme coin market that has been under pressure due to Bitcoin’s price retracement. Crypto analyst Crypto Patel highlights that PEPE maintains strong support between $0.0000091 and $0.0000112, identifying this area as an accumulation zone and suggesting bulls still control the price. The coin recently broke above $0.000012, indicating a potential breakout retest in progress, which could lead to a rally reaching towards previous all-time highs around $0.000025 and beyond, with targets as high as $0.000055, representing up to 500% gains from current levels.
Supporting this optimistic outlook, data from Nansen reveals that smart money wallets have increased their holdings by 150% over the past 30 days, accumulating over 642 billion PEPE tokens. Whale addresses have also boosted their stakes by 4%, emphasizing strong institutional interest. Additionally, the supply of PEPE on exchanges has declined from 160 trillion to 104.85 trillion since January, implying holders prefer retention over selling, potentially creating supply constraints.
Technical indicators show a bullish stance with the formation of a golden cross on the daily chart, where the 50-day moving average crossed above the 200-day average. Futures market data corroborates this, showing a favorable long-to-short ratio of 1.06 and consistent positive funding rates over three days, indicating sustained bullish trader sentiment.
Comparatively, analysts note that while PEPE is positioning itself to outperform Dogecoin, the latter still shows interesting support levels and potential for a rally if it can reclaim $0.2. However, a drop below $0.18 for Dogecoin may signal a price downturn.