Despite a recent 10% drop in value, PEPE Coin has seen substantial growth in the last few days, potentially foreshadowing a prosperous month of March. As Bitcoin hovers above $61,100 and approaches its monthly and daily close, experts speculate that closing above $58,000 could signal even higher future peaks, potentially indicating a continued rise for altcoins like PEPE Coin.
Surge in PEPE Coin’s Market Performance
Over the past week, PEPE Coin’s value soared by about 206%, reaching a high of $0.00000361 before experiencing a 25% correction. This decrease is minor compared to its rapid ascent. The momentum from the coin’s recent consolidation period, coupled with a positive Bitcoin market outlook, suggests the possibility of PEPE Coin climbing to new highs.
Technical analysis of the weekly chart reveals that PEPE Coin has surpassed a major resistance level that dates back to its all-time high. This pattern, echoed across various altcoins, has historically led to significant market surges. The Relative Strength Index (RSI) on the weekly chart further corroborates the breakout of this resistance.
Forecasted Trajectory for PEPE Coin
With the onset of March, attention shifts to the impending daily close of Bitcoin. The daily chart analysis aligns with the weekly trend, suggesting an ongoing bull run. The Elliott Wave prediction for March indicates that PEPE Coin is in the midst of the third wave of a five-wave ascent, often associated with creating remarkable peaks.
Following a slight retracement, PEPE Coin finds support at $0.00000270. If it sustains this level, projections estimate a target peak at 2.61 times the first wave’s length, potentially reaching a new all-time high of $0.0000050. Nevertheless, if the price falls below its current support, bears could push the value down to $0.0000024 or further, underscoring the critical nature of maintaining support levels for bullish momentum.