Is PEPE ready for a comeback after last week’s drop?
PEPE witnessed major price corrections over the last week, which resulted in the memecoin losing a substantial amount of its market capitalization.However, the good news was that the memecoin finally showed signs of recovery as its daily chart turned green. Does this hint at a fresh bull rally? CoinMarketCap’s data revealed that the memecoin’s price dropped by 6% in the last seven days. In fact, the coin dipped to $0.0000106, which was last week’s lowest. But the memecoin started to gain bullish momentum as its value surged by more than 2% in the last 24 hours. At the time of writing, PEPE was trading at $0.00001194 with a market capitalization of over $5.02 billion, making it the 23rd largest crypto.The recent price uptick also allowed the memecoin to go above a key resistance level.AMBCrypto’s analysis of the memecoin’s 12-hour chart revealed that it managed to break above $0.000012. However, at press time, it was trading a bit under that mark.This breakout looked optimistic and could result in a full-fledged recovery if PEPE manages to once again go above the mark and sustain the momentum.If that happens, then investors might witness PEPE retesting its all-time high in the coming weeks.