The recent surge in Bitcoin's price (above $100,000) and Ethereum's price (above $2200) has ignited a significant rally in memecoins. Pepe coin, in particular, has seen impressive growth, with a price increase exceeding 40% since the last trading day, outperforming major memecoins like Dogecoin and Shiba Inu. This strong approach to a crucial resistance level suggests a potential 10% upswing could trigger a much larger bull run, potentially pushing the price up by over 60% by the end of the month.

Memecoin enthusiasm is clearly growing, with many experiencing double-digit gains. Besides Pepe, BOOK OF MEME gained 30%, while Fartcoin, Mog Coin, FLOKI, and ApeCoin saw increases ranging from 18% to 20%. Other popular memecoins also saw gains of around 15%. Pepe's recent surge through key resistance at $0.000009 was fueled by substantial whale accumulation and a 150% spike in trading volume.

Technical analysis reveals a pattern breakout, indicating a significant price movement is imminent, potentially leading to a new all-time high (ATH).

Historically, Pepe's price suggests the coin has entered a new bull market phase after enduring considerable bearish pressure earlier this year. The price has broken above the neckline of a double-bottom pattern and secured the crucial resistance at $0.000011. Bullish divergence is evident in the weekly RSI and MACD indicators, confirming the rally's strength. A bullish MACD crossover further suggests that Pepe is poised to reach a new ATH.

The price is currently testing the 200-day moving average (MA) on the weekly chart. A break above this level could propel the coin towards initial targets of $0.00001712 and subsequently $0.00002118. After securing these levels, Pepe could enter a discovery phase, potentially reaching the upper resistance of its established channel. Therefore, a new ATH around $0.00006 is anticipated in the coming weeks.