The popular frog-themed memecoin PEPE surged 10% in 24 hours to reach $0.00001049, fueled by technical signals that could point to more upside amid a wider memecoin market rise.
The token climbed from $0.00000949 to $0.00001049, hitting a peak of $0.00001077 in early trading before retracing slightly.
A key technical pattern, a golden cross, where the short-term moving average rises above the long-term average, has formed on PEPE’s chart, hinting at sustained bullish momentum.
A golden cross is widely watched in trading circles because it suggests that recent buying pressure might carry over into a longer-term rally.
Trading volume spiked significantly during the rally, hitting 13.7 trillion tokens in a single hour as the price started lifting, and 7.7 trillion later on, underscoring the intensity of the rally.
Meanwhile, the wider memecoin sector, according to the CoinDesk Memecoin Index (CDMEME), rose 11.4% in the last 24 hours.
Despite a pullback from the highs, PEPE has established a strong support level near $0.0000101, according to CoinDesk Research’s technical analysis data model. Fibonacci extension levels suggest the price could push toward $0.0000110 if the rally holds.
The cryptocurrency has outperformed the wider cryptocurrency market over the last 24 hours, as measured by the CoinDesk 20 (CD20) index, which rose 5.92% in the same period.