Pepe Coin, a top Ethereum meme coin, soared and crossed a crucial resistance level as its spot volume and futures open interest jumped.
Pepe (PEPE) token jumped to a high of $0.000010, its highest level since February 18, and 65% above its lowest level this year.
The 24-hour volume soared by 140% to $1.20 billion, higher than other popular meme coins like Shiba Inu (SHIB), Bonk (BONK), and Floki (FLOKI). Its futures open interest also soared to $475 million, the highest point since January.
Pepe Coin price jumped as the crypto fear and greed index moved to the greed zone, following Bitcoin’s (BTC) move above $100,000. Most altcoins continued rising, with Bitcoin moving above the psychological point at $2,000.
The rally happened after the Federal Reserve left interest rates unchanged and embraced a wait-and-see approach. Also, it rallied after Coinbase acquired Deribit, one of the biggest players in the futures and options industry.
Internally, there are signs that Pepe investors are not dumping their tokens as exchange balances have dropped. All tokens on exchanges dropped slightly in the last seven days and currently stand at 255.16 trillion, down from 255.2 trillion last week.
Pepe price technical analysis
The coin’s surge also happened for technical analysis. As we wrote here and here, Pepe Coin formed a giant falling wedge pattern in the first quarter. This pattern comprises two descending and converging trendlines and often leads to a bullish breakout.
Most recently, Pepe price formed a double-bottom pattern at $0.0000057. It has now jumped above the neckline at $0.0000095.
The distance between the double-bottom and the neckline is about 62%. Measuring the same distance from the neckline brings the Pepr Coin price target at $0.00001545, up by 55% above the current level. A drop below the support at $0.0000759 will invalidate the bullish outlook.
