As an experienced analyst, I’ve closely monitored the PEPE price action and have formed a bullish opinion on this asset. The recent correction in PEPE price after reaching an all-time high is not unusual, given the market volatility. However, the strong rebound from the 0.5 Fibonacci retracement level indicates potential for significant gains.
Analysis of PEPE Price: The price of PEPE reached its maximum point on May 27, 2024. However, it has been decreasing since then. Still, investors are optimistic for a recovery based on the chart’s bullish indications. On Monday during European trading hours, PEPE was priced at approximately $0.0001264, representing a 2.9% growth in the last 24 hours, though a 13.5% decline over the previous week.
PEPE Price Analysis: Bulls Eyes 59% Gains If This Price Level Holds
PEPE’s price currently hovers above its 50-day and 200-day moving averages, but is approaching the latter. After breaking free from an ascending triangle pattern, PEPE reached a record high of approximately $0.00001725. Following this achievement, bulls took a breather while bears gained control, causing the price to slide down to the 0.5 Fibonacci retracement mark.
This price level (orange) was barely reached before markets responded with a robust upward surge, signaling strong bullish momentum. On a larger timeframe, the market correction could represent a typical textbook scenario of an ascending triangle breaking and retesting. Notably, the 0.5 Fibonacci retracement level aligns perfectly with the top of the ascending triangle, suggesting that bulls may be poised to reenter the market at this point.
A rebound from its current level could potentially take PEPE‘s price to a new peak of approximately $0.00001981. However, obstacles might appear around $0.000014 and $0.000017 during this ascent. Conversely, a solid foundation exists at $0.00001 to prevent a possible price drop if the bears manage to outmuscle the bulls.
PEPE Price Future Outlook
Pepe’s price surge was sparked by renewed excitement for the Ethereum market after the successful ETF application submissions. However, following this event, the buzz around it has subsided, leaving Ethereum (ETH) in a period of stabilization.
For Pepe, there could be significant developments in store for investors. According to Santiment, a company specializing in on-chain data analysis, over 218,000 individuals currently hold the PEPE token – a new record high.
Simultaneously, Santiment indicates that the circulating PEPE token supply grew from 420.78 trillion on March 13 to 422.55 trillion by June 9, representing an increase of approximately 1.77 trillion tokens, equivalent to around $22.3 million based on the present market value.
As a crypto investor, I’m always interested in understanding the mechanics behind the tokens I invest in. Regarding PEPE, according to CoinGecko, its maximum supply is listed as 420.69 trillion coins. This raises a question: how were new tokens added to this supposedly maxed-out supply?
Bottom Line
Mature markets may see meme coins spearheading new market rallies. Peak investors in Pepe are preparing for a potential surge beyond their former record high, yet uncertainty remains about the outcome.
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2024-06-10 10:16