Pepe price rose as the best performer in the crypto market amid a market-wide recovery triggered by Bitcoin’s surge past $74,000 support.

According to data from crypto.news, Pepe (PEPE) price shot up 21% to a two-week high of $0.000040 as of last check on Monday, March 16. Despite this, it still remains nearly 19% below its February high of $0.0000049.

Pepe’s gains came primarily due to a broader market recovery that followed Bitcoin’s surge past the $74,000 resistance level, which boosted investor demand for risk assets. Ethereum (ETH) was also up 8% at the time of writing, while other major coins such as XRP, SOL, DOGE, and ADA also marched higher.

As a high-beta memecoin, PEPE amplified the gains of the broader market, outperforming the global average with its staunch rebound today.

PEPE’s rebound was further fueled by a notable surge in trading activity. Over the past 24 hours, its daily trading volume shot up over 380% as nearly $1 billion worth of Pepe coin exchanged hands between traders.

Pepe price analysis

Technical indicators seem to suggest that the Pepe price could still have steam left to sustain its rally at least over the following sessions.

Notably, the Pepe price has surged past the 20-day and 50-day moving averages as it formed a god candle today. This explosive vertical movement indicates strong buying pressure and a shift in market sentiment. 

The next target for PEPE stands at the 100-day SMA at $0.0000044, which represents a key resistance level that bulls must flip to confirm a long-term trend reversal.

Momentum indicators like the MACD and RSI show that bulls were still holding the upper hand in the current market structure. The MACD lines were pointing upwards after a bullish crossover, confirming that upward momentum is accelerating. 

Meanwhile, the RSI has recently surged past the neutral threshold with still room before hitting overbought levels where a reversal usually takes place. This suggests that the current rally has not yet reached a point of exhaustion.

However, there remains a risk to Pepe’s ongoing rally, as is common with highly speculative meme coins with no fundamental utility. 

The risk is that Pepe’s rally could likely be a dead cat bounce, a temporary recovery in a declining market where an asset falls back after staunch rallies, as seen for Pepe coin today. 

Without sustained organic demand or a broader market breakout, these gains can quickly evaporate as early investors move to take profits.

In case of a retracement, $0.0000039, which aligns with the 50-day SMA, would act as an immediate support level. If this floor fails to hold, the price could slide further to retest lower liquidity zones, potentially wiping out today’s gains.