Pepe (PEPE) seems to be making a remarkable recovery. The asset is currently outperforming the top 30 cryptocurrencies by market cap in the weekly charts. The frog-themed crypto’s price is up 2.2% in the daily charts, 18.7% in the weekly charts, and 1.7% in the 14-day charts. Despite the rally, the memecoin is down 28.8% in the monthly charts and 8.6% since March 2024.
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Cryptocurrencies Make A Comeback
The crypto market may be in the early stages of a turnaround. Bitcoin (BTC) has reclaimed the $83,000 price point after its brief dip to sub-$80,000 levels. PEPE has faced a big correction over the last month. The memecoin’s price gained an additional zero after its decimal point.
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The slight market recovery could be due to a new SEC chair taking office later this month. Paul Atkins will take over on March 27. Previous SEC chair Gary Gensler was viewed as a villain in the crypto realm. PEPE and other assets may have seen a spike in fund inflows following this development.
PEPE To Hit $0.0000105
According to prominent crypto analyst Ali Martinez, PEPE is moving towards a head-and-shoulders pattern. If successful, the memecoin could rally to $0.0000105. The coin’s price will rally by about 50% if it hits the $0.0000105 target.
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If Bitcoin (BTC) begins an upward movement, PEPE and other assets will likely follow. On the other hand, there is also a possibility that the crypto market will continue to stagnate. Macroeconomic conditions may present considerable barriers. The Fed is yet to announce an interest rate cut for this year. Trade wars have also led to a substantial dip in investor sentiment.