PEPE Outperforms DOGE, SHIB with 33% Gain Amid Market Downturn
3min read In the midst of a market downturn that has significantly impacted meme coins, PEPE has distinguished itself by outperforming well-known counterparts like DOGE and SHIB. This unexpected performance has led to speculation about whether PEPE could be the first to rebound from the current slump, potentially leading the recovery in the meme coin sector.
PEPE has experienced a volatile journey, with a 27.60% decline over the past month and a 12.16% drop over the last six months. The weekly performance shows a 2.10% fall, indicating short-term pressure amidst high fluctuations. Historical data reveals notable swings, suggesting a sustained but less dramatic half-year decline alongside rapid intraday corrections. Current prices for PEPE range between $0.00000534 and $0.00001239, with resistance near $0.00001686 and support around $0.00000278. Momentum indicators, including an RSI at 41.23 and negative oscillators, suggest a bearish sentiment without a clear trend. Traders may seek entry points near support and monitor for potential breakouts above resistance.
DOGE, on the other hand, has shown a one-month drop of about 34.61% with a weekly decline of 18.54%, contrasted by a strong 55.64% gain over the past six months. This reveals a volatile path, as the coin experienced sharp short-term dips yet managed to bounce back during longer periods. Current trading sees prices moving between $0.1446 and $0.2962, with resistance at $0.3904 and secondary resistance at $0.5420. Support sits at $0.0872. Bearish signals dominate the short-term outlook due to negative momentum and oscillator readings. The trend remains unclear, suggesting that traders might consider staying alert and waiting for price action to test key levels before committing to positions.
Shiba Inu has also faced a challenging period, with a decline of about 23.5% last month and roughly 13.5% over the past six months. The weekly performance shows a near 10% loss, demonstrating a period of steady weakness without any notable upward recovery. Price behavior during these intervals reflects a bearish environment, despite minor rebounds in other parts of the market. Currently, trading is between $0.0000106 and $0.0000182, with resistance near $0.0000226 and support around $0.0000072. Technical indicators point to bearish strength, with the RSI at approximately 36.8. Traders may consider testing resistance levels for potential breakouts, while keeping an eye on the possibility of declines near the support boundary.
PEPE's recent performance has positioned it as a potential leader in the meme coin sector. The price of PEPE has crossed the $0.00007 mark for the first time this week, driven by favorable macroeconomic trends and a broader market sentiment boosted by Bitcoin remaining above $83,000. This price increase has positioned PEPE as one of the top gainers in the crypto market, with a 33% rise from its year-to-date low of $0.00005. The recent price surge in PEPE can be attributed to significant whale activity, with three distinct wallets collectively purchasing 689.79 billion PEPE tokens, valued at approximately $4.3 million. These transactions, traced back to TornadoCash, a privacy-focused service, have contributed to the bullish momentum in the PEPE market. Analysts have highlighted that the price of PEPE is currently trading above a crucial Fibonacci retracement level at 0.00000507 USDT, indicating a potential buying opportunity. If the price can hold above this level, market watchers expect a reversal to bullish, with potential targets at 0.00002072 USDT and 0.00002789 USDT. However, further declines may occur if the price fails to support the Fibonacci zone, leading to lower lows and potential recovery.
As of Thursday, March 13th, the PEPE price is experiencing a steady uptrend, trading at 0.00000073 USDT, reflecting a 15% increase. The meme coin is moving within a rising channel, signaling continued bullish sentiment in the short term. Technical indicators suggest strong momentum, with the MACD line higher than the signal line, indicating bullish strength. The Relative Strength Index (RSI) stands at 59, approaching the overbought threshold of 70. If it crosses this level, a possible price pullback could follow due to overextended buying activity. Key resistance levels are identified at 0.0000008 USDT, 0.0000009 USDT, and 0.000001 USDT. If the bullish momentum continues, PEPE could test these levels, with a breakout above 0.0000008 USDT potentially opening doors for further upside. On the downside, support is established at 0.0000007 USDT. A breakdown below this level might signal weakness, leading to increased selling pressure.
Despite the bearish price predictions for meme coins including DOGE, SHIB, and PEPE, the recent performance of PEPE suggests that it may be the first to rebound from the current market downturn. The strong rally in PEPE's price, driven by whale activity and favorable macroeconomic trends, has positioned it as a potential leader in the meme coin sector. As the market continues to evolve, investors and analysts will be closely monitoring PEPE's performance to determine if it can maintain its bullish momentum and outperform other meme coins in the long term.
