Pepe price has risen 45% over the past week as trading volume outpaced Shiba Inu and price performance outperformed both SHIB and Dogecoin.

What Happened: Pepe is reclaiming its range on the short-term chart and staying strong as Ethereum rises, crypto trader CJ says.

CJ noted that he is going to wait for a deeper pullback to hit a demand zone, which would be a better place for a swing entry after missing the earlier support-resistance flip.

"I'm feeling like we might get a deeper pullback to hit that demand zone, which would be a better place for me to enter personally. I missed the original support/resistance flip, and I think we'll get a good bounce after that hit."

— CJ (@Crypto_CJ_) August 9, 2023

DexGemsReal aka Lyx highlighted that Pepe has broken out of a descending daily channel, forming higher highs and higher lows, which is a textbook bullish structure.

"This type of setup, in the past, has led to some of the most explosive rallies in crypto history," according to DexGemsReal.

"We might get a god candle that can launch it past all the meme coin rivals."

With Bitcoin price above $100,000 and market sentiment turning risk-on, traders expect retail interest to start flowing in.

James Wynn Real added to his long position in Pepe and said he's feeling as bullish on the meme coin token as he has in months.

"I'm adding to my long position in Pepe. This is the most bullish I've felt on Pepe in months," Wynn said.

According to Wynn, Pepe has already hit major milestones in 2023 but the real bull run hasn't started yet.

"Coinbase and Robinhood listings, deep platform integration, and massive community strength. We're well-positioned for a move to $42B to $100B market cap. Same trajectory as past Doge and SHIB cycles."

Statistics: According to IntoTheBlock data, Pepe large transaction volume expanded by 30.7% while transactions greater than $100,000 increased from 128 to 141 in a single day.

According to the latest data, around 46% of Pepe holders are in profit at current levels.

Related: Is It Too Late To Buy Pepe As Meme Coin Surges 400% From March Lows?