Meme Coin PEPE Rebounds 8.31% Amid Bullish Sentiment

PEPE, a popular meme coin, has been experiencing a sharp decline, leaving investors uncertain about its future trajectory. Currently trading around $0.00000714, PEPE has shown a slight rebound with an 8.31% gain, but the question remains whether this is a genuine reversal or just a temporary rally.

The daily chart of PEPE illustrates a consistent downtrend since its peak late last year. The Heikin Ashi candles indicate strong bearish dominance, with multiple consecutive red candles. However, today's slight green candle suggests that some buyers may be entering the market, attempting to reverse the trend. The support level around $0.00000635 has been holding, preventing further downside. If this level continues to act as a base, PEPE could attempt a bounce toward $0.00000850 or even $0.00001000 in the short term. Conversely, if the support breaks, PEPE could fall toward $0.00000500, leading to another wave of panic selling.

The Relative Strength Index (RSI) is currently at 39.68, moving up from an oversold level of 27.23 a few days ago. This suggests that PEPE was extremely oversold, triggering today's relief rally. Historically, when RSI climbs back above 40 after being oversold, it often signals the beginning of a short-term bullish move. However, for a full-fledged trend reversal, RSI needs to break above 50, which would indicate renewed buying momentum. If PEPE fails to cross this level, the bounce may lose steam, and the downtrend could resume.

The MACD (Moving Average Convergence Divergence) shows a bearish crossover, with the MACD line slightly below the signal line. However, the histogram bars are shrinking, indicating that selling momentum is weakening. If the MACD crosses above the signal line, it would confirm a bullish trend reversal, potentially pushing PEPE toward the next resistance at $0.00001000. But caution is still warranted—if the MACD remains in negative territory, the recovery may be short-lived, and sellers could regain control.

For a bullish confirmation, PEPE must break and sustain above $0.00000750, which could open doors for a run toward $0.00001000. If buying pressure increases, we may even see a test of $0.00001200 in the coming weeks. Conversely, if PEPE fails to hold $0.00000635, it could fall toward $0.00000500, triggering another sell-off phase. Investors should monitor volume closely, as a breakout without strong volume could lead to another fake rally.

PEPE’s recent bounce may provide short-term relief, but whether it turns into a full-fledged trend reversal remains uncertain. The RSI recovery suggests buyers are stepping in, while the MACD shows signs of a potential shift. However, until PEPE breaks key resistance levels with strong volume, traders should remain cautious. For now, $0.00000750 remains the key breakout level, while $0.00000635 is the critical support. If PEPE fails to hold these levels, the downtrend could continue—but if bulls take control, a strong reversal could be in the making.

PEPE's price prediction is optimistic, with some analysts forecasting a 350% increase by the end of April, reaching $0.00002. This bullish outlook is supported by recent market trends, where PEPE has outperformed other meme coins. The US CPI boost has also contributed to a positive sentiment in the crypto markets, with PEPE's price crossing $0.00007 for the first time this week.

One of the notable trends is the breakout of PEPE against Ethereum (ETH). Analysts have observed that PEPE is gaining value against ETH, indicating a decoupling from Ethereum's performance. This trend suggests that investors are increasingly confident in PEPE, viewing it as a more attractive investment compared to ETH. The PEPE/ETH chart shows a rising trend with higher lows and consistent gains, while Ethereum's price has been struggling. This divergence is a strong indicator of PEPE's potential for further appreciation.

The bullish sentiment is further supported by large purchases of PEPE tokens. Blockchain data reveals that three wallets, all connected to Tornado Cash, have accumulated a significant amount of PEPE tokens. These purchases, totaling 689 billion PEPE tokens, indicate an accumulation phase that could lead to a price surge. The largest purchase was made by wallet 0x7A7D, spending 1,413.4 ETH for 437.7 billion PEPE. This substantial investment suggests that large holders are bullish on PEPE's future performance.

Analysts believe that the key support level to watch is $0.0000062. If PEPE maintains this level, it could result in an uptrend. However, there are also concerns about resistance levels that could threaten a reversal. The bulls are eyeing a breakout at $0.00000800, but resistance at this level could pose a challenge. Despite these challenges, the overall sentiment remains bullish, with PEPE's price leaning towards a positive trend.