PEPE, the token built around the Pepe the Frog meme, climbed 11.76% in 24 hours to $0.000004827 early on October 28, according to CoinMarketCap's memecoin rankings, while the Binance PEPE/USDT daily chart showed the session reaching $0.00000502. The gain pushed the token above the 0.236 Fibonacci retracement at $0.00000462 and made it one of only two large memecoins to post a double-digit day, alongside MemeCore.

Why the chart shows 5% and the rankings show 12%

The two numbers measure different windows. The 11.76% figure on CoinMarketCap is a rolling 24-hour change, so it includes Tuesday evening's climb. The Binance daily candle only opened at 00:00 UTC, and by 04:54 UTC it was up 5.00% from its $0.00000460 open. Late on Tuesday, PEPE had already risen 5.71% to $0.000004529, meaning roughly half of the 24-hour gain came before midnight and half after.

The hourly data shows the pace cooling. When the rankings were captured, PEPE was down 1.99% over the previous hour after touching $0.00000502.

The move also lands on a busy day for markets. Bitcoin climbed back above $80,000 after a stretch of quiet losses, and the Federal Reserve announces its rate decision at 18:00 UTC today.

Breakout above the 0.236 Fibonacci level

PEPE is printing a strong bullish expansion session. On the daily candle, which so far spans $0.00000456 to $0.00000502, the token trades up 5.00% at $0.00000483. The green candle has pushed through the 0.236 Fibonacci retracement at $0.00000462 and is pressing toward the top of the local range. Because the candle is still open, the daily close will determine whether the breakout holds.

The setup is a bullish impulsive breakout with trendline re-engagement. PEPE's recent consolidation above the 50-day simple moving average (SMA) at $0.00000413 and the 0.382 Fibonacci support at $0.00000417 has resolved to the upside. By reclaiming the 0.236 Fibonacci level and re-engaging the ascending trendline, the token has, for now, set aside the prior correction threat. The sharp uptick in momentum suggests buyers have re-established control of the trend, positioning PEPE for a possible push toward its cycle high.

Three readings support that view:

• The 50-day SMA and 0.382 Fib held. The prior pullback respected the 50-day SMA at $0.00000413 and the 0.382 Fib at $0.00000417, showing that dips continue to be bought by higher-timeframe participants.
• RSI momentum is accelerating. The 14-day Relative Strength Index (RSI), a momentum gauge measured on a scale of 0 to 100, has climbed to 62.45, above its 54.52 signal line. Holding above the 50 midline in the low 60s points to expanding bullish momentum, with room to run before overbought territory above 70.
• The ascending trendline is back in play. Price is re-crossing the dashed ascending trendline that guided the late-summer advance, a sign the broader impulsive structure is resuming.

Key levels

The Fibonacci grid is drawn from the swing low at $0.00000223 (the 1.0 level) to the cycle high near $0.00000537 (the 0 level). Fibonacci retracements are a standard technical-analysis tool, marking the levels where a price that has pulled back within a larger trend often finds support or resistance — which is why the 0.236 line at $0.00000462 is the level the daily close will be measured against.

Two scenarios for PEPE's next move

PEPE sits just above the 0.236 Fib at $0.00000462, with the intraday high at $0.00000502 overhead.

• Bullish continuation: A daily close firmly above $0.00000462 and the $0.00000480 mark could open a path to retest the cycle high at $0.00000537, with $0.00000502 the first barrier along the way.
• False breakout or pullback: A sharp rejection wick that fails to hold above $0.00000470, followed by a close back below $0.00000462, would return PEPE to its consolidation range and put the 50-day SMA at $0.00000413 back in play as re-accumulation support.

On a bigger-picture view, below the 50-day SMA, the 0.5 Fib and 100-day SMA at $0.00000364–$0.00000380, and the golden pocket with the 200-day SMA at $0.00000343–$0.00000346, are the deeper supports that would keep the trend from summer intact.

How other memecoins are doing

PEPE was not alone, but it was one of only two large memecoins to post a double-digit day. Among the biggest memecoins tracked on CoinMarketCap, the sector moved at two speeds: MemeCore and PEPE posted double-digit gains, while the two largest memecoins by value, Dogecoin and Shiba Inu, rose less than 3%. Pudgy Penguins (5.12%) and Floki (4.38%) sat in the middle, and Official Trump, at 2.51%, was the weakest of the ten.

MemeCore led for a second straight day, holding a gain of roughly 15% over 24 hours. It was already the top gainer late on Tuesday with a 12.23% rise to $1.06, and it added another leg to $1.11, still up 3.73% on the hour. Analysts have pointed to thin liquidity as the reason such tokens dominate gainers lists, since relatively little capital can move their prices — a dynamic that cuts both ways on the way back down.

The Chinese-named 币安人生, a BNB Chain memecoin whose name roughly translates as "Binance Life," rose 2.67%, in line with the large-cap pack rather than the leaders.

The hourly column is the one to watch. Seven of the ten coins were in the red over the last hour, including PEPE, and only Shiba Inu, MemeCore and 币安人生 were still rising. Every coin on the list was up on the day, but the buying had slowed by the early European morning.

What could decide the next move

For PEPE, the daily close against the 0.236 Fib at $0.00000462 is the test: a close above keeps the breakout reading intact, while a slip back below returns the token to its recent range. For the wider memecoin group, today's Fed decision at 18:00 UTC is the larger risk. Memecoins tend to amplify Bitcoin's direction, so a sharp reaction to the rate announcement is likely to be magnified across the board.

This article is provided for informational purposes only and does not constitute financial or investment advice. Memecoins are highly volatile, and technical levels do not guarantee future price movement.

Based on reporting by Coindoo.