PEPE Eyes $0.000030 Amid Flag Breakout and $3 Million in Short Liquidations

Pepe is leading the meme coin rally with a strong breakout, gaining 12% in just 24 hours. Is $0.000030 the next big target? As the altcoin rally gains momentum, meme coins are at the forefront, with a 4.56% increase in total market cap, now nearing $70 billion. Among the top performers, Pepe has surged nearly 12% in the past 24 hours, breaking through the key resistance at $0.000015. Will this breakout rally push the Solana-based, frog-themed meme coin toward a new all-time high? PEPE Price Analysis On the 4-hour chart, Pepe displays a consolidation range between $0.00001274 and the upper ceiling near the psychological level of $0.000015. The meme coin has formed a bullish flag, combining a 100% surge in early May with the subsequent consolidation.

On Thursday, Pepe jumped nearly 14%, closing bullishly above the upper boundary of the flag. This breakout signals a strong upward move. The initial price target is the 50% Fibonacci level at $0.00001792, calculated by adding the flag’s height to the breakout point. A more optimistic target is derived by adding the full length of the flagpole to the breakout point, aiming for the $0.000030 psychological level. This represents an upside potential of nearly 100% from the breakout point. Surprisingly, this indicates the potential formation of a new all-time high for the meme coin, provided the broader market uptrend continues. Supporting the bullish case, the MACD and signal lines remain in a positive trend following a recent crossover. However, the RSI is approaching overbought territory, signaling possible pullback risks. Currently, Pepe is trading at $0.00001538, down 4% over the past four hours. This decline appears to be a retest of the breakout level and could set the stage for a post-retest reversal. Short Liquidations Cross $3 Million in 24 hours Amid the bullish trend, short liquidations on Pepe have surged to approximately $3 million over the past 24 hours. As bulls take control of the spot price, the derivatives market is seeing a sharp increase in anticipation.

Open interest in Pepe has jumped nearly 20%, reaching $697 million, indicating heightened trading activity. Notably, the funding rate has climbed to 0.0227%, signaling strong bullish sentiment behind the increased activity. This surge reflects a robust bullish narrative, one likely to fuel the next leg of Pepe’s breakout rally.