Technical signals and improved sentiment indicate potential short-term recovery for PEPE.
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Among the active players in the memecoin market, PEPE has regained attention after weeks of horizontal trading. According to CoinMarketCap, the coin has decreased by over 4% in the last 24 hours, trading at $0.000006912. Affected by the overall decline in the cryptocurrency market, PEPE shows a drop of over 30% on a monthly basis, yet investors remain hopeful.
ContentsWhale Accumulations and ETF Expectations Boost PEPETechnical Outlook on PEPE Whale Accumulations and ETF Expectations Boost PEPE
Analysts identify three main factors that could potentially trigger a rally in PEPE. First, since February, major wallet holders have accumulated an additional 4.02 trillion PEPE coins, significantly reducing the circulating supply of the memecoin. Such accumulation often indicates a short-term price recovery. The second factor is the expectation of altcoin ETFs, driven by $170 million inflows into Ethereum $3,980 ETFs, which has reignited investor appetite amidst regulatory advancements. The third factor is PEPE’s advantage over Shiba Inu in social media interaction, suggesting renewed interest in memecoins among individual investors.
This shift in market psychology, combined with increased volume, has strengthened short-term buying momentum. Experts suggest that PEPE may sustain its recovery momentum to the $0.0000091 range, provided current liquidity conditions are maintained. Potential changes in global risk appetite and Bitcoin $110,357’s price direction may play crucial roles in the short term.
Technical Outlook on PEPE
Following a major correction, PEPE’s price has formed a short-term recovery channel. Currently trading at $0.000006912, the memecoin faces its first resistance at $0.0000075. A clear break above this level could pave the way for reaching the next supply zone at $0.0000091. On the downside, the $0.00000643 range continues to provide strong support. This area, corresponding to the lower Bollinger band, has repeatedly been tested in recent weeks, reinforcing buyers’ defensive stance.
The Relative Strength Index (RSI) at 58.85 does not yet indicate an overbought condition, suggesting potential for price increases in the short term. The 20-day moving average near the middle band also supports the improved sentiment. Should PEPE make and sustain a move above $0.0000068 in the coming hours and days, the likelihood of a stable recovery towards the $0.0000090 threshold would be strengthened.
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