PEPE Breaks Out: Memecoin Charges Toward $0.000030 as Bears Get Squeezed for $3M

Flag pattern shattered—PEPE’s bullish momentum just liquidated $3 million in short positions. The frog-themed memecoin now eyes its next psychological barrier at $0.000030.

Technical traders spot the breakout as retail FOMO kicks in. Meanwhile, Wall Street ’experts’ still can’t decide if memecoins are an asset class or a collective delusion—but the charts don’t lie.

PEPE Price Chart 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.

PEPE Derivatives 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.