Pepe Breaks Above 10% Threshold, Resists Crucial $3 Resistance

The memecoin sector has seen a significant rebound in the past 24 hours, with its market cap rising by 13% to $25 billion. Among the top performers is Pepe (PEPE), which surged by over 12%, narrowly trailing Shiba Inu's (SHIB) 30% daily returns.

The surge in PEPE's price was accompanied by a substantial increase in its daily trading volume, which rose by 182% to $305 million. This significant jump in activity raises questions about whether PEPE can overcome its resistance and lead the broader memecoin sector's resurgence.

To break through the resistance, bulls need PEPE to breach the neckline of an inverted heads-and-shoulders pattern at the $0.00000290-$0.00000300 zone. The SuperTrend indicator has also flipped bullish, while Open Interest (OI) on Binance stood at $44.25 million.

The chain activity in PEPE was also thriving, with daily transactions increasing by 11.34% to $39.86 million. Holders rose by a mere 0.50%, indicating that the gains are not being driven by new investors. Institutions were accumulating PEPE, as evidenced by cold wallets of exchanges like Upbit, OKX, and Bithumb increasing by over 2% collectively.