Frog-themed cryptocurrency Pepe PEPE/USD rallied sharply Monday, bucking the declines of more popular meme coins.
What happened: The Ethereum ETH/USD–based token bounced 8%, becoming the biggest meme coin gainer and the fourth-most successful cryptocurrency in the last 24 hours.
Moreover, PEPE's trading volume spiked 44% to $806 million, making it the second-most traded meme coin in the last 24 hours.
The rally defied losses in meme coin heavyweights Dogecoin DOGE/USD and Shiba Inu SHIB/USD, which fell 2.21% and 4.91%, respectively.
See Also: Crypto Leaders Step Up Pressure On SEC As Trump’s Policies Reshape Regulatory Landscape
Why It Matters: Influential cryptocurrency analyst Ali Martinez highlighted the formation of an inverse head and shoulder pattern on PEPE's hourly chart, with the "neckline" or resistance at $0.0000075.
The inverse head and shoulders pattern is a bullish reversal pattern, indicating exhaustion of a prolonged downturn.
"A sustained break above the $0.0000075 resistance could trigger a 40% price rally toward $0.0000100," Martinez said.
Whale interest for the coin also appeared to be picking up, with the volume of transactions valued over $100,000 surging 25% in the last 24 hours, according to IntoTheBlock. Moreover, PEPE holdings of long-term investors grew by 0.17%, indicating that net accumulation was going on.
That said, the majority of PEPE traders were positioned short, according to Coinglass, suggesting chances of another correction.
Price Action: At the time of writing, PEPE was exchanging hands at $0.000007202, up 7.52% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin has slumped 65%.
Image via Shutterstock
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