The price of Pepe coin (PEPE) surged 68% in the past week as the price of Bitcoin (BTC) hit $104,000, sparking a bullish revival in the meme coin.

Among top meme coins, PEPE performed better than Dogecoin (DOGE) and Shiba Inu (SHIB), showing a strong rally that recovered more than 50% of the first quarter’s decline.

As long as the Pepe coin stays above the psychological zone of $0.000010, optimistic investors expect a potential upside of up to 80%.

Pepe Coin Price Breaks $0.000015 as Meme Coin Rally Begins

Following the movement of Bitcoin back to the $104,000 level, the meme coin market was also boosted and reached a 30-day high of $76.13 billion.

Capitalizing on the positive market momentum, PEPE prices surged nearly 68% in the past seven days, while DOGE and SHIB only gained 32% and 21% respectively.

With a weekly high of $0.00001539, Pepe coin is currently trading at $0.00001334, experiencing a daily decline of 2.11%. The formation of a doji candle pattern on Monday as well as increased volatility around the $0.00001426 level reflects market uncertainty, signaling that PEPE is entering a pause phase.

Failure to break the 61.80% Fibonacci level at $0.00001426 indicates the possibility that the price will retest the 50% level at $0.00001178.

If this retest is successful, the rally trend due to the breakout of the previously formed triangle pattern could regain momentum. The price target of the triangle pattern breakout is at $0.00002209, which means an upside potential of 80% from the retest level.

As long as PEPE prices remain above the 200-day Exponential Moving Average (EMA), the 50-day and 100-day EMA indicators are showing bullish crossover signals. This could trigger a buy signal and increase the chances of a golden crossover.

Meanwhile, the Relative Strength Index (RSI) indicator has slightly decreased but is still in the overbought zone, indicating a weakening momentum. This is in line with PEPE’s difficulty in breaking the resistance around $0.00001426, strengthening the possibility of a retest.

In the event of a deeper drop below the 50% Fibonacci level, the PEPE price prediction suggests a possible retest of the 200-day EMA around $0.00001057. Meanwhile, the support zone at $0.0000090 remains a strong defense for this meme coin.

However, if the price drops below $0.0000090, the potential recovery from the triangle pattern breakout will be nullified. In fact, this could trigger a further drop to retest the $0.0000074 level.

Pepe’s Open Interest Reaches an All-Time High

The Pepe coin price spike triggered increased trading activity in the derivatives market. Based on data from Coinglass, PEPE’s Open Interest (OI) recorded an all-time high of $583 million, as traders braced for sharp movements in the meme coin.

The OI-weighted funding rate for PEPE also hit a 2025 record high of 0.0272%, reflecting increasing bullish confidence in trading activity.

Liquidation Surge HInts at Potential Retest

Although the derivatives data shows strength, the surge in the liquidation of long positions in the last 12 hours reached nearly $5 million as PEPE’s price movement fluctuated and failed to break the nearby resistance.

This reinforces the possibility of a retest, especially amid rising liquidation that could weaken Open Interest (OI) growth and funding rates.

PEPE’s current technical signals suggest a possible retest, but a recovery driven by Bitcoin’s price rally could potentially negate the short-term bearish signals.

Until then, a retest of the 50% Fibonacci level seems inevitable – as well as a buy-on-the-drop opportunity for confident investors.