The memecoins was fervent with significant increases in the face of the rally led by the main meme cryptocurrencies in March. Recently, meme cryptocurrencies have registered good gains in the face of Bitcoin price recovery.
Amid this dynamic, memecoin Pepe (PEPE) appears to be resurfacing. Renowned cryptocurrency analyst Ali Martinez shared, on April 12, a forecast for the rise in the price of the PEPE memecoin.
Based on his technical analysis, Martinez emphasized the importance of memecoin achieving a daily close outside the $0,00000793 to $0,00000664 range. This could trigger a 54% price increase for the PEPE cryptocurrency.
“PEPE is preparing for his next move. Watch for a daily close outside the $0,00000793 to $0,00000664 range, which could lead to a 54% move for PEPE,” the analyst wrote.
$PEPE is preparing for its next move. Watch out for a daily close outside of the $0.00000793 – $0.00000664 range, which could lead to a 54% move for #PEPE. pic.twitter.com/b2hdMOmBpX
— Ali (@ali_charts) April 12, 2024
At the time of publication, the Bitcoin price it was quoted at US$69.561,83, down 0.7% in the last 24 hours.
Bitcoin recovers US$70 level and memecoins benefit from profit distribution
Bitcoin managed to retake the $70 price level recently after experiencing a pullback. O Bitcoin price (BTC) and Ethereum (ETH), which were already showing declines in recent days, fell even further after the announcement of US inflation data.
Amidst this, the largest cryptocurrency managed a surprising performance and recovered an important level as the halving event approaches. Given this recovery, the cryptocurrency analysis platform, Santiment, noted that, with Bitcoin's return above US$70, memecoins continue to benefit from the distribution of traders' profits.
