Pepe’s trading volume has tripled over the past week, Cointelegraph reported, sparking a strong double-digit price surge for the frog-themed meme coin.

An Ethereum-based meme coin, Pepe has surged more than 31% over the past week, as meme coins in general recover.

PEPE is currently trading at $0.00001076, its highest value since August 3 and up 68% from its local low on September 6.

As PEPE’s price has risen, so has trading activity. On September 27, PEPE’s spot trading volume surpassed $1.3 billion, up 35% in the past 24 hours and 316% in the past seven days.

Its market capitalization has also returned to over $4 million, cementing its position as the third-largest meme coin in the world.

On September 27, PEPE was also the most traded meme coin, surpassing Dogecoin's trading volume of over $700 million.

Finally, PEPE seems to be regaining its footing after weeks of sideways price action.

Meme Coin Price Increases Widely

PEPE’s rally on September 27 echoed bullish action across the meme coin space. Most cryptocurrencies in the space posted double-digit gains over the past week. Leading meme coins DOGE and Shiba Inu are up 20.7% and 50%, respectively, over the past seven days.

Solana-based Dogwifat has posted a 31% gain over the past week, while Base's Brett is up 28% over the same period.

Additionally, memecoin trading volume has exceeded $8.5 billion in the past 24 hours alone. This recovery is due to investors once again holding risk assets like memecoin.

Data from Alternative shows the Crypto Fear & Greed Index has entered “greed” territory at 61, up from 30 a month ago when the market was filled with “fear.”

PEPE Breaks Bear Market Mode

On September 20, PEPE price broke out of the descending parallel channel, generating strong momentum that led it to cross the 50-, 100-, and 200-day exponential moving averages (EMAs) as support.

“$PEPE price has broken out of the descending channel,” noted analyst Cryptojack in a September 27 X post, adding, “I expect it to continue rising.”

In the short term, the bulls are likely to continue the rally towards the major resistance level at $0.00001260.

The RSI indicator is rising sharply and its position at 73 in the overbought zone further reinforces the buyers' dominance in the market.

However, overbought conditions could lead to profit taking, which could result in a minor correction before PEPE resumes its uptrend.

The most important support zone is above the upper trendline of the channel, where all the major EMAs are currently located.

Losing this support convergence zone could trigger a bear market scenario with possible downside targets between $0.00000668 and $0.00000596.