However, a decline to anywhere between $0.00000290 and $0.00000246 is also possible if momentum weakens.
The crypto market's recovery has been massive over the last few days.
The memecoin market in particular has been on a roll as of late and has soared to new heights amid the bullish sentiment.
Among them, Pepe has come back into action and is leading the rally with a 100% price increase in two days and a market cap of over $1 billion.
This week, PEPE has smashed a 10-month high of $0.0000029, and currently trades at around $0.000003182 with more than a 45% price increase over the last day, according to CoinMarketCap.
Moreover, PEPE is up by around 185% over the last week and is witnessing a surge in trading volume.
At the time of writing, more than $1.9 billion has been transacted in $PE-PE, indicating a high amount of investor interest in this memecoin.
Even better, PE-PE has now smashed the $1 billion market cap (currently at $1.3 billion) and has displaced BONK to become the third largest memecoin by market cap.
Pe.pe's surge in the last day and week is part of a larger memecoin rally, as mentioned earlier.
According to data from CoinMarketCap, the memecoin market has exploded by nearly 9% over the last day, and now has a market cap of around $27.1 billion.
The trading volume in the total market has also soared by around 90% in the same timeframe, meaning that the memecoin market has processed nearly $7 billion in the last 24 hours.
The likes of Dogecoin, Shiba Inu, DogWifHat and Bonk have also rallied by anywhere between 30% – 60% in the last week.
Pepe liquidations clock in at around $4.3 million taken from short traders on Tuesday and another $3.83 million on Wednesday.
According to charts provided by TradingView, PE-PE just broke out of a range between $0.00000193 and $0.00000060 as shown below:
This break above the $0.00000193 zone has landed the memecoin in a massive 65% rally from $0.00000193 to where it currently sits around $0.00000321.
We can expect PEPE to continue further upwards, as long as the bulls can maintain the ongoing momentum.
If this momentum is interrupted for any reason, we might be seeing the cryptocurrency decline to as low as anywhere between $0.00000290 and $0.00000246.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.