Meme coin could see double-digit rally, revisits June high

• PEPE rises 4% on Saturday, meme coin could extend gains by over 18%.
• PEPE leads the meme coin rally, Dogecoin and Shiba Inu lag behind.
• Frog-themed crypto could return to June 2024 highs.

Pepe (PEPE), a frog-themed cryptocurrency that ranks in the top 30 cryptocurrencies by market capitalization, is up 4% today. The meme coin is likely poised for further gains and is leading the rally, while the top two meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) lag behind.

PEPE could extend double-digit gains and revisit its June highs if the meme currency’s rally persists.

PEPE is poised for gains of over 18%.

Shiba Inu led the comeback of meme coins with gains of almost 21% on Thursday. PEPE leads the sector on Saturday with gains of 4.45% at the time of writing. Dogecoin and Shiba Inu correct slightly on Friday.

PEPE is trading at $0.00001118 and the frog-themed cryptocurrency has recently broken out of a multi-month downtrend. PEPE could climb another 18.74% to reach the lower bound of the fair value gap (FVG) between $0.00001323 and $0.00001421.

PEPE is facing resistance at $0.00001169, this level acted as resistance throughout August and early September.

The MACD (Moving Average Convergence Divergence) indicator shows increasingly higher green histogram bars, signaling the underlying positive momentum in PEPE. The meme coin could break the previous resistances to reach the June peak of $0.00001577 if it holds the gains.

PEPE/USDT daily chart

Looking to the downside, PEPE could find support at the 50% Fibonacci retracement of the rally from the April 13 low of $0.00000393 to the May 27 high of $0.00001725.