The meme crypto PEPE has seen a price surge after finding strong support at a key technical level. According to data from CoinMarketCap PEPE is currently trading at $0.0000131 which is a gain of 8.41% in the last 24 hours. 

PEPE market cap now stands at $5.56 billion making it the 21st largest crypto asset by that metric. Its trading volume in the last 24 hours is at $1.2 billion which is an increase of 21%.

The rally comes after PEPE dropped 35% from its all-time high of $0.00001725 hit on May 27th amid the recent crypto market volatility. However the meme coin found strong support at the convergence of an ascending parallel channel support and a horizontal support zone dating back to April 13th.

Data indicates that several crypto whales have been accumulating massive amounts of PEPE coins during the recent dip and hence the surge. On June 7th a wallet associated with venture capital firm Nascent scooped up 447.67 billion PEPE tokens worth $5.85 million from Binance. This made PEPE the largest holding in Nascent's portfolio.

The next day an unidentified whale purchased 231.64 billion PEPE valued at around $2.9 million from crypto exchange Kraken. These major whale transactions suggest significant interest in PEPE from big money players in the crypto space.

The purchases came as PEPE price was correcting lower after seeing renewed interest in late May driven by the return of financial analyst "Roaring Kitty" to online platforms.

PEPE Technical Analysis

From a technical perspective PEPE had been in a downtrend over the past several days after hitting its all-time high in late May. Prices dropped over 35% to find support at the convergence of the ascending parallel channel and the horizontal support zone.

The defending of this level by whales led to a bullish daily candle close yesterday June 11th. The next target remains a retest of the $0.00001725 all-time high and with potential for a breakout from the parallel channel to set new record highs.

Looking at indicators the daily RSI is currently at 51 showing bullish momentum as buyers push prices higher off the support. However the MACD is still bearish with the MACD line below the signal line though a bullish crossover could form if the bulls momentum persists for several more days.

Our analysis suggests that PEPE could see over 60% rebound potential up to the $0.00002 level soon after surpassing the previous all-time high. Much may depend on today's FOMC meeting and whether the Fed policy stance favors a crypto market surge after the event concludes.

Overall PEPE appears well positioned for further upside after the whales defended a key support area. But the meme coin remains highly volatile with the FOMC meeting at hand. The technical picture suggests the momentum could continue building if PEPE can hold above the recent ascending channel support.