Pepe (PEPE), the popular and world’s third-largest meme coin, appears to be reclaiming its crucial support level, which it lost during the recent price decline. Today, March 12, 2025, the overall cryptocurrency market is recovering. Amid this, PEPE has registered a significant 13% rally and is reclaiming its crucial support level of $0.0000063.

PEPE Technical Analysis and Upcoming Levels

According to expert technical analysis, PEPE is currently at a level with a history of price reversals and upside rallies. Based on recent price action and historical patterns, if the meme coin holds the $0.0000062 level, it could soar by 60% to reach $0.000010 in the coming days.

However, the meme coin is still below the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating that it remains in a downtrend.

Current Price Momentum

PEPE is currently trading near $0.00000635, gaining 13% in the past 24 hours. Meanwhile, its trading volume has increased by 15% during the same period, indicating heightened participation from traders and investors compared to the previous day.

Traders Over-Leveraged Positions 

With a bullish outlook, traders have increased their positions in the past 24 hours. Data from the on-chain analytics firm Coinglass reveals that PEPE’s Open Interest has soared by 24% during the same period, indicating rising interest from bullish traders and the formation of new open positions.

At present, traders are over-leveraged at $0.0000061 on the lower side and $0.0000065 on the upper side. They have built $2.85 million worth of long positions and $1.26 million in short positions over the past 24 hours.

However, these over-leveraged positions will be liquidated once the price moves in either direction. Additionally, the data shows that traders betting on the long side significantly outnumber those betting on the short side.