Pepe coin price rallies 40%, targeting a breakout above $0.000014. With a 65% upside potential, bulls are eyeing the $0.000021 mark.As the crypto market reaches $3.28 trillion, meme coins are leading the charge. Pepe coin has surged nearly 40% today, reaching the $0.000014 level.With a fresh bullish turnaround in the frog-themed meme coin, technical signals point to an upside potential of nearly 65%. Will this momentum help Pepe reclaim the $0.000020 mark?Pepe Price AnalysisPepe coin has created two massive, long-awaited bullish candles on the daily chart, sending its price rally into overdrive. The meme coin surged nearly 35% on May 8, followed by a 20% intraday jump today.Pepe Price ChartFollowing the bullish turnaround, Pepe has surpassed the 38.20% Fibonacci retracement level at $0.0000133. The short-term recovery has gained momentum, pushing the 24-hour high to $0.000013933, just shy of the $0.000014 resistance level.The 50% Fibonacci level presents the next immediate resistance at $0.00001584. Meanwhile, the prevailing falling wedge breakout suggests a potential price surge toward the 78.60% Fibonacci level at $0.000021.The MACD and signal lines have formed a positive crossover, supporting this bullish outlook. Additionally, the supertrend indicator has flipped bullish, reinforcing the continuation of the trend.On the downside, the 23.60% Fibonacci level near the $0.000010 psychological support is crucial. A breakdown below this level would invalidate the bullish trend and could lead to a retest of the $0.000008832 support level.Leverage-Driven Rally to Boost PEPE PricesAs the crypto market sees increased bullish activity in the derivatives space, Pepe has experienced a nearly 40% surge in open interest. According to Coinglass, PEPEs OI now stands at $633 million. This spike has also pushed the funding rate up to 0.0105%.Pepe DerivativesThe rise in both open interest and funding rate reflects growing bullish sentiment. Supporting this, short liquidations in Pepe over the past 24 hours have neared $13 million.As Pepe bulls dominate the derivatives market, a leverage-driven rally could further fuel price momentum.
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