- PEPE surged by 48.15% in one day with $3.28B volume, breaking resistance and nearing key targets like $0.00001549 and $0.00002072.
- RSI at 81.93 and MACD breakout confirm strong momentum, supported by whale transfers of over 7.1T PEPE worth $78.82M.
- SHIB lags with 11.28% daily gains and lower volume, despite forming a bullish cup-and-handle pattern from $0.00001148 support.
On May 9th, at press time, PEPE surged by over 36% within 24 hours, trading at $0.00001354. The memecoin is now up by 48.15% in one day, 55.10% in one week, and 111.62% over the past month. Its market cap is at $5.65 billion, a 46.99% jump, while 24 hour trading volume reached $3.28 billion, an increase of 348.74%.
PEPE’s circulating supply remains at 420.68 trillion, with its total and maximum supply also at 420.69 trillion. This rally follows a long consolidation phase, positioning PEPE closer to major meme tokens like Shiba Inu.
Momentum Grows with Bullish Technical Indicators
PEPE’s price opened at $0.00001112 and peaked at $0.00001397 before settling near the top of its range. Volume spiked to 39.27 trillion, supporting the growing bullish momentum. According to Whale Alert, a major transfer of over 7.1 trillion PEPE worth $78.82 million was made between two unknown wallets.
This move suggests increased whale activity, which often accompanies major rallies. The RSI is at 81.93, well above the 70 mark that indicates overbought conditions. Despite the overbought level, RSI crossing its signal line at 59.95 shows continued buying pressure.
Meanwhile, the Moving Average Convergence Divergence line at 0.00000068 has moved well above its signal line at 0.00000037. The MACD baseline has also increased to 0.00000031, supporting the ongoing trend.
Shiba Inu Struggles Despite Mild Gains
In contrast, Shiba Inu traded at $0.00001492 with a modest 24 hour gain of 11.28%. Its market cap rose to $8.79 billion, while volume reached $502.72 million, up by 212.39%. However, SHIB’s trading volume still lags behind PEPE, suggesting relatively lower market engagement.
Additionally, SHIB’s performance has been weighed down by a 54.89% volume drop, indicating reduced momentum. However, analysts still note a developing cup and handle pattern. According to analyst Rose, SHIB bounced from its buy zone of $0.00001148, with upside targets at $0.00002215, $0.00002724, and $0.00003298.
Analyst Key Targets for PEPE
According to Rose, the memecoin bounced from its Fibonacci zone at $0.00000507, ending its correction. It has now broken a long term downtrend on the weekly timeframe, a bullish reversal pattern.
Her outlined targets include $0.00001549, $0.00002072, and a final stretch to $0.00002789. If volume and sentiment stay elevated, these levels may soon come into focus.
