Pepe (PEPE), the beloved and globally third-largest meme coin, seems to be making a comeback by reclaiming its essential support level that was lost in the recent price drop. As of today, March 12, 2025, the overall cryptocurrency market is showing signs of recovery. In the midst of this positive trend, PEPE has surged by a notable 13% and is now reclaiming its critical support level of $0.0000063.
PEPE Technical Analysis and Future Levels
Expert technical analysis indicates that PEPE is currently situated at a level that has historically led to price reversals and upward movements. Based on recent price movements and past patterns, if the meme coin manages to hold above the $0.0000062 level, it could potentially soar by 60% to reach $0.000010 in the near future.
Despite these positive indicators, PEPE is still trading below the 200 Exponential Moving Average (EMA) on the daily timeframe, suggesting that it is currently in a downtrend.
Current Price Momentum
PEPE is currently priced around $0.00000635, marking a 13% increase in the past 24 hours. Furthermore, its trading volume has also surged by 15% within the same timeframe, indicating increased interest and involvement from traders and investors compared to the previous day.
Traders Over-Leveraged Positions
With a positive outlook, traders have expanded their positions over the last 24 hours. Data from the on-chain analytics firm Coinglass reveals that PEPE’s Open Interest has jumped by 24% during this period, signaling growing interest from bullish traders and the establishment of new open positions.
Currently, traders have over-leveraged positions ranging from $0.0000061 on the lower end to $0.0000065 on the upper end. They have accumulated $2.85 million in long positions and $1.26 million in short positions over the past day.
However, these over-leveraged positions are at risk of being liquidated once the price makes a significant move in either direction. Additionally, the data indicates that there is a notable disparity between traders favoring long positions compared to those favoring short positions.
