- The price of PEPE reached $0.00007 on Wednesday, marking a 33% increase from this year’s low of $0.00005 set on Tuesday.
- Cryptocurrency traders shifted their focus towards the top three memecoins as the market improved following favorable US CPI reports.
- Technical analysis of the PEPEUSD 12-hour chart indicates that short-term momentum is on the rise.
This week, PEPE’s price surpassed $0.00007 for the first time as markets responded positively to broader economic indicators. Initial observations suggest that crypto traders are exhibiting a greater willingness to take risks as the current market rally unfolds. This trend begs the question: can the upward momentum for PEPE continue, alongside the wider memecoin market?
PEPE advances ahead of DOGE and SHIB as US inflation signals a bullish turnaround
On Wednesday, PEPE spearheaded the recovery in the memecoin segment, outpacing Dogecoin (DOGE) and Shiba Inu (SHIB) as the overall cryptocurrency market bounced back.
This surge was fueled by renewed investor enthusiasm and fresh capital entering the market.
PEPE price analysis
By Thursday, PEPE’s price had climbed to $0.00007, the highest point since March 3, when the market responded to Trump’s announcement regarding a crypto strategic reserve.
According to data from CoinGecko, the total market capitalization of memecoins surged by 7.4%, approaching $50 billion.
Memecoin market performance, March 12
Among the leading tokens, PEPE made an early mark with a 7% gain at the start of Wednesday’s rally.
In contrast, DOGE increased by 2.2%, and SHIB saw a rise of 2.4% within the last 24 hours.
Historically, when memecoins show stronger performance than the broader market, it indicates a rise in speculative interest, as these assets are particularly responsive to changes in sentiment and liquidity.
PEPE price outlook: Bulls target a breakout at $0.00000800, but resistance poses a risk of reversal
PEPE’s price currently shows positive momentum after a 38% increase over four days, yet it faces significant resistance at $0.00000760.
The 12-hour Bollinger Bands are indicating increasing volatility, with the price testing the midline at $0.00000707.
Maintaining position above this level could empower bulls to challenge the upper Bollinger Band at $0.00000760, setting the stage for a potential breakout towards $0.00000800.
Conversely, failing to breach this resistance may lead to selling pressure, with a downside target at the lower band of $0.00000579.
PEPE price forecast
The Relative Strength Index (RSI) at 49.29 indicates uncertainty, remaining near neutral territory.
A rise above 55 would confirm bullish strength, while a drop below 38.93 might signal a reversal.
Additionally, the Volume-Weighted Average Price (VWAP) at $0.00000707 indicates the market is currently balanced, but any rejection at this point could suggest that over-leveraged long positions are unwinding.
If bulls lose their grip, a decline towards $0.00000669 is plausible.
For continued upward momentum, PEPE must surpass $0.00000760 with increasing volume to affirm this trend.
However, excessive leverage could lead to sudden liquidations, resulting in heightened volatility.
Currently, bulls maintain the upper hand, but failure to hold crucial support levels above $0.000006 could allow bears to reclaim control.