Pepe (PEPE) is becoming cautiously optimistic as improving technical indicators and strengthening market sentiment build speculation for an attempt to recover back towards $0.000005 before the end of March. At press time, the coin is trading at $0.000003985 with an increase of 18.81% over the past 24 hours.
Technical Indicators Signal Recovery Attempt
On the daily chart from TradingView, the price of Pepe is showing indications of recovering from selling pressure for the past several weeks, with the price bouncing off of previous support levels, indicating that, progressively, the bearish momentum of its’s token price may be declining.
Additionally, with the RSI increasing to near 60 (which indicates the expectation of increasing buyingvolume in the future)along with all other indicators being bullish.
This might indicate that Pepe is beginning a new trend and is very likely to make a significant price recovery in the immediate future.
The coin is meeting considerable resistance to the upside of current prices. If it makes a strong, decisive move above the resistance area from $0.0000042 to $0.0000045. Then this will confirm it’s bullish momentum and will support a higher projection for the price of the coin.
Also Read: Could Hold $0.00000380 Support to Keep the Bullish Trend Alive
Market Momentum and Community Sentiment Turn Bullish
The price performance of the meme coin increased significantly in the past 24 hours. It ranks as the second most-gaining cryptocurrency on CoinMarketCap, with a corresponding price increase of approximately 18%.
Also Read: PEPE Enters Ascending Triangle Formation With a $0.0000520 Target in Sight
According to the community-based sentiment analysis data from CoinMarketCap, community sentiment towards the meme coin is overwhelmingly bullish (approximately 86% of voters) as more members of the traders and investors become optimistic regarding future price appreciation.
If buyers continue to provide sufficient buying pressure and if the price of Pepe is able to reclaim the major resistance levels established prior to the market correction in December.
Then it may be possible for Pepe to make a move towards $0.000005 prior to the month’s end, but the meme coin markets remain highly volatile in nature.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: PEPE Price Analysis: Can $0.0000034 Hold as Momentum Softens?
