PEPE surged 30% in two days: Is it a reversal signal or just a technical rebound?

In just the past few days, the sentiment in the crypto market has shifted dramatically, tilting firmly towards the bulls with widespread optimistic expectations. In this wave of excitement, PEPE – the famous memecoin – has surged strongly with impressive gains, while also becoming the focal point that draws attention from investors.

Whales spend 2.68 million USD to accumulate 228 billion PEPE

Despite the fact that PEPE has increased by over 30% in just 48 hours, confidence in this memecoin remains unwavering. From "whales", institutional investors to retail traders — all continue to draw attention and hope towards PEPE.

According to the latest update from the blockchain analysis platform Lookonchain on X (formerly Twitter), a whale wallet with the address 0x06b3 just spent 2.68 million USD to acquire 227.8 billion PEPE tokens. Notably, this transaction took place just before Bitcoin set a new all-time high.

Source: X Not stopping there, data from CoinGlass shows that the amount of PEPE withdrawn from exchanges has exceeded 9.8 million USD in the past two days — indicating that selling pressure is significantly decreasing, while further reinforcing confidence in the accumulation trend of the market.

Source: CoinGlass ## PEPE confirms strong upward momentum, the possibility of continuing to climb an additional 22%

After breaking out of the accumulation pattern, PEPE has recorded three consecutive bullish sessions with impressive green candles, reflecting the strong upward momentum.

If this momentum is maintained, the token has the potential to increase by an additional 22%, targeting the important resistance level at $0.000016.

Source: TradingViewHowever, in the event of a market correction, PEPE may retrace to test the breakout area or seek support at the 200-day EMA — a key technical threshold.

Trader places a big bet on the long position

Based on the current market sentiment, most traders are leaning towards long ( positions rather than short ).

At the time of writing, the price range of $0.00001246 is drawing attention with a Long position amounting to $2.61 million, clearly reflecting the trend of high leverage usage from investors expecting a price increase.

On the contrary, the price level of $0.00001296 also recorded short positions with a total value of approximately 1.65 million USD — indicating that there is still a certain selling pressure in the market.

Source: Coinglass However, with a significant gap between the two sides, the current data shows that the bulls are gaining the upper hand in the PEPE market. This opens up the possibility that this memecoin will continue to maintain its upward momentum in the short term.

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