PEPE coin has surged to an all-time high (ATH) amidst a bullish frenzy in the cryptocurrency market. Over the past 24 hours, PEPE's price skyrocketed by 61.99%, trading at $0.000004905, with a trading volume of $2,282,162,448. This surge marks a significant recovery from the recent trading session, fueled by the broader bullish sentiment catalyzed by Bitcoin's remarkable performance.

This surge has elevated PEPE to the #49 spot in the CoinMarketCap rankings, with a live market cap reaching over $2 billion. The impressive performance of PEPE over the past week, with gains exceeding 250%, and an even more striking 350% increase over the last month, has captivated the attention of investors and traders alike.

PEPE Coin Exhibits Strong Bullish Sentiment

The surge in Pepe's price can be attributed to various technical indicators signaling bullish momentum in the market. The Relative Strength Index (RSI) trending upwards indicates increasing buying pressure despite the coin being massively overbought. 

The Moving Average Convergence Divergence (MACD) is notably above its signal line, indicating a strong bullish cycle. The green histogram bars of both the MACD and the Awesome Oscillator (AO) further emphasize this bullish sentiment, suggesting potential for extended gains in the near term.

The Chaikin Money Flow (CMF) index's positive reading of 0.28 forecasts favorable price movements ahead, indicating continued buying pressure in the market. Additionally, the bullish inclination of the 20 Exponential Moving Averages (EMA) and 50-EMA on the daily chart further reinforces the positive outlook for Pepe, suggesting potential for future gains.

The current bullish momentum behind the PEPE coin hints at the possibility of breaking past the local top of $0.0000050. In an optimistic scenario, the market value of PEPE could even approach the psychological level of $0.0000060, potentially setting a new all-time high beyond today's high of $0.000004951.

However, the market also bears risks, particularly if traders decide to secure profits as witnessed during the previous trading session. Such actions could lead PEPE to dip below the $0.00000400 level. 

Enhanced selling pressure might result in the price breaking below the ascending trendline at $0.00000315, possibly extending the fall into a previously bullish zone. A close below the midline of this order block at $0.00000259 would confirm a bearish trend continuation.