PEPE Price Outlook: 35% Rebound Sets Stage for Potential Extended Uptrend
Key Takeaways
- PEPE plummeted 35% in early March, bottoming at $0.000057, but a mid-month rally erased all losses.
- Data shows that PEPE’s holding time jumped with over 10,000 addresses, helping to form solid support.
- Indicators flip bullish on the daily chart, reinforcing the potential continuation of the two-week-long rally.
- Interested in buying or selling PEPE? Read our review of the best exchanges to buy and sell PEPE.
Frog-themed memecoin Pepe (PEPE) saw its price decline by 35% in the first half of March. However, since the mid-month turnaround, PEPE’s price has erased all those losses.
At press time, PEPE’s market value hovers around $0.0000089. This value aligns with CCN’s previous analysis, which mentioned that the token had hit the bottom and predicted a recovery.
However, this on-chain analysis reveals that PEPE’s price might continue to jump despite the double-digit upswing.
PEPE Selling Pressure Drops
Like other cryptos in the market, PEPE’s price failed to build on its performance during the last quarter of 2024. Due to this, the token faced selling pressure, forcing the price to decline to $0.000057 on March 10.
While the memecoin has recovered, on-chain data shows that a drop in selling pressure contributed to the rebound. For instance, the holding time of transacted coins fell for some part of this month.
This metric shows how long a cryptocurrency has been held without being sold. An increase in the holding time is a bullish sign, indicating that market participants are not liquidating their assets.
A decline, on the other hand, is a bearish sign indicating high selling pressure. According to IntoTheBlock, PEPE’s holding time of transacted coins over the past two weeks has jumped to 2.67 trillion.
Should this value continue to rise, PEPE’s price might refrain from erasing its gains in the last 14 days.
Bullish Trend Reinforced
Furthermore, the In/Out of Money Around Price (IOMAP) indicator reinforces the current trend by identifying key support and resistance levels based on token volumes in unrealized profits and losses.
Stronger support forms when more tokens profit, while higher volumes of out-of-the-money holdings create resistance.
The IOMAP shows solid support near $0.0000080, where over 10,000 addresses hold approximately 26 trillion tokens—exceeding the unrealized loss volume between $0.0000090 and $0.000010.
Given this strong support, PEPE’s price appears poised to break above $0.000010 in the short term.
PEPE Price Analysis: Uptrend Gains Momentum
From a technical perspective, PEPE’s price has broken above a prolonged downtrend on the daily chart. Amid this recovery, the Relative Strength Index (RSI) reading has risen above the neutral line.
This indicates rising bullish momentum. In addition, the Moving Average Convergence Divergence (MACD) reading has also bounced to the positive region.
If these indicators maintain their trends, the meme coin’s value might trade higher. If that is the case, PEPE’s price might climb to $0.000014 around the 0.618 Fibonacci level.
If the broader market condition improves, the cryptocurrency’s value might soar toward $0.000020.
Alternatively, if PEPEA fails to breach the $0.000010 resistance, this forecast might not happen. Instead, the value might decline to $0.0000053.
PEPE Struggles To Recover After a 57% Yearly Drop in a Shaky Market
