PEPE Price Analysis: Pepe’s price hit an all-time high on May 27, 2024, but has been retracing since then. Nevertheless, investors remain hopeful for a rebound, as the price chart suggests a bullish outlook. On Monday, during European business hours, PEPE traded around $0.0001264, marking a 2.9% increase over the past 24 hours, despite a 13.5% decrease over the past 7 days.
PEPE Price Analysis: Bulls Eyes 59% Gains If This Price Level Holds
PEPE price is trending above the 50-day and 200-day simple moving averages (SMA), albeit too close to the former. Previously, the asset’s price broke out of an ascending triangle and reached an all-time high of around $0.00001725. Following this victory, bulls relaxed as bears took over the wheel, driving the price downward to the 0.5 Fibonacci retracement level.
The price barely touched this level (orange) before immediately bouncing back up, an indicator of strong bullish action in the markets. On a wider scale, the correction may be an expected textbook breakout and retest playing out for the ascending triangle. The 0.5 Fib retracement level coincides with the top of the ascending triangle perfectly, indicating that bulls may be waiting around this area to buy back in.
A bounce from this level may propel PEPE price to a new all-time high of around $0.00001981. Resistance may be encountered around $0.000014 and $0.000017 on the journey to this point. On the flip side, there is a robust support structure around $0.00001 that may hold up the price in case bears overpower the bulls.
PEPE Price Future Outlook
Pepe’s previous increase in price followed the new interest in the Ethereum ecosystem following the approval of the 19-4b ETF application forms. Since then, the hype surrounding the event has died down, and Ethereum (ETH) itself has gone into a consolidation zone.
However, for Pepe, investors may be gearing up for something massive, as according to Santiment, an on-chain analysis firm, the total holder count for PEPE (Red) is at an all-time high (218,000).
Meanwhile, Santiment also reports that the total supply of PEPE tokens increased from 430.78 trillion on March 13 to 422.55 trillion on June 9, an addition of 1.77 trillion tokens worth about $22.3 million at the current price.
According to CoinGecko data, the maximum supply of PEPE is 420.69 trillion, which begs the question: how were new tokens able to be minted?
Bottom Line
As the markets mature, meme coins will lead the bull run. Pepe investors may be gearing up to blow past the previous all-time high, but only time will tell.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
