TLDR
- PEPE cryptocurrency is showing recovery after recent market downturns
- PEPE is outperforming Ethereum (ETH) according to price charts
- Analysts predict PEPE could see a 50% price increase following breakout
- Three large wallets recently accumulated 689 billion PEPE tokens worth over $4 million
- CoinCodex forecasts PEPE could reach a new all-time high of $0.00003300 by April 4
PEPE, the popular memecoin, is making a comeback in the crypto market after recent price dips. The token has shown signs of recovery alongside other cryptocurrencies, with some analysts suggesting it could make major moves in the coming weeks.
The broader cryptocurrency market appears to be rebounding from its recent downturn. Bitcoin briefly fell below $80,000 earlier this week but has since reclaimed the $83,000 level.
PEPE’s current price stands at $0.000007230 according to CoinMarketCap data. This represents a 15.85% increase in the past 24 hours, making it one of the top performers among the 100 largest cryptocurrencies by market value.
Trading volume for PEPE has also seen a boost. Over $1 billion in PEPE tokens changed hands in the last day, showing a 13.41% increase in trading activity.
What makes PEPE’s recovery more interesting is its performance against Ethereum. Multiple analysts have noted that PEPE is breaking out on the PEPE/ETH chart, showing that the memecoin is gaining value compared to the second-largest cryptocurrency.
Analyst ChandlerCharts pointed out this trend on social media. While Ethereum has been moving downward, PEPE has been trending upward, showing what traders call “price-side decoupling.”
This divergence suggests that investors may be moving funds from larger cryptocurrencies into memecoins like PEPE. Traders often make these moves when looking for better short-term profit opportunities.
A potential trend reversal
Another crypto analyst, XBTGengar, shared a similar view. The analyst highlighted a “massive daily bullish divergence” in PEPE’s price chart, a technical indicator that often signals a potential trend reversal.
Based on these technical signals, XBTGengar forecasts that PEPE could see a price increase of over 50% following the breakout. If momentum continues, traders might look for even higher targets.
Blockchain data shows increasing interest from large investors. Three wallets connected to Tornado Cash have quickly accumulated 689 billion PEPE tokens.
One wallet spent 1,413.4 ETH (worth approximately $2.72 million) to acquire 437.7 billion PEPE tokens. A second wallet invested $1 million for 158.58 billion PEPE, while a third spent 299 ETH ($574,000) for 93.51 billion tokens.
These large purchases could signal the start of an accumulation phase before a potential price surge. When large holders (often called “whales” in crypto circles) begin accumulating a token, it can sometimes precede price increases.
Positive outlook for PEPE
Looking ahead, prediction platform CoinCodex offers a mixed but generally positive outlook for PEPE. The platform expects PEPE to trade at around $0.000007883 by Sunday, March 16.
More boldly, CoinCodex predicts PEPE could reach a new all-time high of $0.00003300 by April 4. If this target is hit, it would represent a 364.14% increase from current prices.
However, not all factors point to continued gains. The report mentions that global trade wars could present challenges to the crypto market. These macroeconomic factors might make it harder for PEPE and other memecoins to maintain their momentum.
The recent slight rise in U.S. inflation (0.2%) but at a slower pace than before has created some optimism among investors. This economic data has led to speculation that the Federal Reserve might introduce an interest rate cut soon.
Rate cuts typically benefit risk assets like cryptocurrencies, as lower interest rates make traditional savings less attractive and can push investors toward higher-risk investments seeking better returns.
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