Pepe (PEPE), a frog-themed cryptocurrency ranked among the top 30 by market capitalization, saw a 4% rally in a single day. Positioned for further gains, PEPE is leading the meme coin rally, while Dogecoin (DOGE) and Shiba Inu (SHIB), the top two meme coins, are trailing behind. If the rally continues, PEPE could see double-digit gains and potentially revisit its June highs.
PEPE Poised for Over 18% Gains
Shiba Inu led the meme coin resurgence with nearly 21% gains on Thursday. On Saturday, PEPE took the lead with a 4.45% increase at the time of writing, while Dogecoin and Shiba Inu saw slight corrections on Friday.
Currently trading at $0.00001118, the frog-themed cryptocurrency recently broke out of its multi-month downtrend. PEPE could climb an additional 18.74% to reach the lower boundary of the Fair Value Gap (FVG) between $0.00001323 and $0.00001421. However, it faces resistance at $0.00001169, a level that has served as a barrier throughout August and early September.
The Moving Average Convergence Divergence (MACD) indicator is showing increasingly taller green histogram bars, indicating growing positive momentum for PEPE. If the meme coin maintains its gains, it could break past resistance levels and aim for its June high of $0.00001577.
On the downside, PEPE may find support at the 50% Fibonacci retracement level of the rally from the April 13 low of $0.00000393 to the May 27 high of $0.00001725.
