What’s Behind 10% PEPE Price Surge Today?

Key Notes PEPE’s open interest surged by 6.6% to $434 million, reflecting heightened trader activity. PEPE has formed a bullish engulfing candle and morning star pattern, breaking the 23.60% Fibonacci level at $0.00000823. The Supertrend Indicator and MACD suggest sustained bullish momentum, though failure to break the neckline could lead to a pullback to $0.0000075. PEPE coin PEPE $0.000009 24h volatility: 1.5% Market cap: $3.71 B Vol. 24h: $591.98 M price has staged a strong 10% upside today amid the broader crypto market recovery, trading at $0.00000869 with its market cap at $3.75 billion. Today’s rally comes with the overall upside in the memecoin sector, and Dogecoin DOGE $0.18 24h volatility: 5.1% Market cap: $27.07 B Vol. 24h: $1.05 B , Shiba Inu SHIB $0.000014 24h volatility: 2.3% Market cap: $8.04 B Vol. 24h: $173.43 M , and other peers stage gains between 5-10%. Also, massive PEPE whale activity could lead to further price action moving ahead. PEPE Coin Price Rally to Continue Amid Whale Activity Over the last week, a PEPE whale has been smartly scooping the supply, accumulating nearly 2 trillion PEPE from the open market. As of April 30, a crypto whale with $147 million worth of assets withdrew a staggering 1.5T PEPE coins from crypto exchange Binance. Earlier today, the same whale entity withdrew an additional 500 billion from Binance. This whale just bought 500B $PEPE ($4.36M) again and currently holds 2T $PEPE ($17.42M).https://t.co/lj4QaP0DUW pic.twitter.com/sx7hOqkcKG — Lookonchain (@lookonchain) May 8, 2025 Additionally, the CoinGlass data the PEPE open interest has shot up by 6.6% to more than $434 million, hinting at high trader interest for the meme coin. Furthermore, amid today’s PEPE price surge, the 24-hour liquidations have soared to $1.57 million, of which $1.45 million is in short liquidations. A Look Into the Technical Chart Pattern The PEPE coin chart forms a bullish engulfing candle and completes a morning star pattern, a classic indicator of potential trend reversal. PEPE has broken past the 23.60% Fibonacci retracement level at $0.00000823 and is now eyeing the key resistance at $0.0000090. Additionally, the evolving trend reveals the formation of a cup and handle pattern, signaling the potential for further upside in the meme coin’s price trajectory. PEPE price chart | Source: TradingView A confirmed daily candlestick close above the neckline will validate the breakout from the cup and handle pattern, potentially driving PEPE toward a price target of $0.000001465, aligning with the 61.80% Fibonacci level. Trading above $0.0000075, PEPE maintains a bullish outlook as indicated by the Supertrend Indicator. Meanwhile, the MACD and signal lines suggest an impending crossover, signaling a resurgence in bullish momentum. Conversely, if PEPE fails to break above the neckline, it may face another pullback, potentially retesting the support level at $0.0000075. next Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content. Pepe News, Altcoin News, Cryptocurrency News, News Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills. Bhushan Akolkar on X Source: https://www.coinspeaker.com/10-percent-pepe-coin-price-surge-today/