As a researcher with extensive experience in cryptocurrency analysis, I believe that the recent hint from SEC Chair Gary Gensler regarding the likely approval of Ethereum ETF S-1s by the end of summer has significantly impacted PEPE‘s price action. The bullish sentiment around Ethereum has spilled over to PEPE and other meme coins in the ERC20 ecosystem, leading to a potential 63% breakout from its current price level.
Analysis of PEPE Coin Price: The cost of PEPE coins experienced a surge over the weekend due to optimistic hints from the SEC Chair regarding the potential approval of Ethereum ETFs by the summer’s end. On Monday, during European trading hours, PEPE price remained stable around $0.0000118, representing a 1.4% rise within a 24-hour period. With this newfound momentum, PEPE supporters may capitalize on the situation and push the price further towards its previous peak.
PEPE Price Analysis Hints 63% Break Out
On May 21, the PEPE token surpassed the resistance line of an ascending triangle formation, reaching a new record-breaking price level. Yet, following profit-taking actions by investors, PEPE’s price dipped to a low of $0.00001057.
After around a month of decreasing prices, PEPE‘s value touched a pivotal point where resistance previously stood, now acting as support. Such supports typically possess significant strength and can prop up the price under stable conditions. Additionally, PEPE’s chart pattern shows a falling wedge formation, which is indicative of a bullish market trend.
The PEPE price aligning with the 0.786 Fibonacci retracement level is significant because this level historically provides strong support, often causing the price to rebound. Additionally, the current price represents a test of resistance within the three-month ascending triangle that Pepe has broken out from.
As an analyst, I would interpret Pepe’s price action as forming a falling wedge pattern. If this pattern breaks to the upside, I anticipate PEPE surging back towards its previous all-time high. Based on the 0.27 Fibonacci extension level, a potential rise of approximately 63% could be expected from the current price, reaching a new ATH price of $0.00001948. Conversely, the support level at $0.00001057 is predicted to remain significant.
Pepe Price Analysis Future Outlook
Previously, Pepe’s value has mirrored Ethereum’s, and this trend held true on this occasion as well. As reported by Eleanor Terret of FOX Business, Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), is optimistic that applications for a spot Ethereum Exchange-Traded Fund (ETF) will receive approval during the summer months.
As Ethereum investors turned bullish on this news, so did PEPE bulls.
Based on Santiment’s findings as a leading on-chain analysis firm, PEPE has seen a record number of holders. Notably, there has been a decrease in the number of whale investors, who hold between $100,000 and $1,000,000 worth of PEPE. This trend is significant because it indicates that the supply is shifting away from large investors towards smaller ones. Projects with a predominantly whale-owned supply may experience instability as these investors often drain liquidity from pools.
Bottom Line
As a researcher studying the cryptocurrency market, I’ve noticed an uptick in interest and investment towards Ethereum following SEC Chair Gary Gensler’s statement before Senator Hagerty. Consequently, ERC20 meme coins, with PEPE at the helm, are expected to see significant gains as a result of this surge in Ethereum buying activity. This could potentially be an important turning point for PEPE’s price trajectory in the future.
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2024-06-17 09:48