Date: Wed, March 12, 2025 | 05:56 PM GMT
The cryptocurrency market is showing early signs of recovery as U.S. inflation drops to 2.8%, easing macroeconomic pressures. However, the broader correction phase that began after late 2024 rallies continues to impact major cryptocurrencies. Ethereum (ETH) has plunged from its December high of $4,000 to its current level of $1,866, dragging several altcoins and memecoins down with it
One of the hardest-hit tokens during this downturn is Ethereum-based memecoin PEPE, which has suffered a sharp 72% decline over the past 90 days. However, recent whale accumulation and an 7% price surge in the last 24 hours suggest that a potential reversal may be forming as PEPE approaches a key resistance.
Trading at Falling Wedge Resistance
A look at PEPE’s daily chart reveals a falling wedge pattern, a bullish reversal formation that began after a rejection from the December 9 high of $0.000028. This correction phase led to an over 80% drop, with PEPE hitting a low of $0.0000052.
Currently, PEPE is trading at $0.0000065 and has climbed toward the upper resistance of the falling wedge. If the price successfully breaks out and confirms support at this level, the next significant resistance lies at $0.00001028, aligning with the 50-day moving average (MA).
A decisive breakout above $0.00001028 could trigger a strong rally, potentially pushing PEPE towards $0.00001478—marking a 125% upside from the current price.
Is a Recovery Ahead?
While the market sentiment remains uncertain, PEPE’s falling wedge formation suggests a high probability of a breakout, provided it can clear key resistance levels. If Bitcoin (BTC) and Ethereum (ETH) continue stabilizing, PEPE could follow suit and regain lost ground.
However, failure to break out from the wedge could lead to another downward move, potentially revisiting lower support zones before a recovery takes place.
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