PEPE Price Analysis: Pepe Rally In Sight as Holder Count Hits New Highs
Release: 2024/06/10 15:10 Reading: 309
PEPE Price Analysis
PEPE's price reached an all-time high on May 27, 2024, but has since experienced a retracement. Investors remain optimistic, however, as the price chart indicates a bullish outlook. On Monday, during European trading hours, PEPE traded at approximately $0.0001264, representing a 2.9% increase over the past 24 hours. However, it has faced a 13.5% decline over the past 7 days.
PEPE Price Analysis: Bulls Target 59% Gains
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PEPE's price is trading above both the 50-day and 200-day Simple Moving Averages (SMAs), albeit in close proximity to the former. The asset's price previously broke out of an ascending triangle and reached an all-time high of around $0.00001725. Following this surge, bulls took a break, allowing bears to gain control and drive the price down to the 0.5 Fibonacci retracement level.
The price momentarily touched this level (orange) before immediately rebounding, indicating strong bullish activity in the market. On a broader scale, the correction may be part of a textbook breakout and retest scenario for the ascending triangle. The 0.5 Fib retracement level aligns precisely with the top of the triangle, suggesting that buyers may be waiting in this area to re-enter.
A bounce from this level could propel PEPE's price to a new all-time high of around $0.00001981. Resistance may be encountered at $0.000014 and $0.000017 during this rally. Conversely, a strong support structure exists around $0.00001, which could prevent a significant decline in case bears overpower bulls.
PEPE Price Future Outlook
PEPE's previous price surge coincided with renewed interest in the Ethereum ecosystem following the approval of 19-4b ETF applications. However, the hype surrounding this event has subsided, and Ethereum (ETH) has entered a consolidation zone.
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Despite this, investors may be anticipating significant developments for PEPE. According to Santiment, an on-chain analysis firm, the total holder count for PEPE (Red) has reached an all-time high (218,000).
Furthermore, Santiment reports an increase in the total supply of PEPE tokens from 420.78 trillion on March 13 to 422.55 trillion on June 9, adding 1.77 trillion tokens worth approximately $22.3 million at the current price.
According to CoinGecko data, PEPE's maximum supply is 420.69 trillion, raising the question of how new tokens were able to be minted.
Conclusion
As the cryptocurrency market matures, meme coins are expected to play a significant role in price rallies. PEPE investors may be preparing to surpass the previous all-time high, but only time will tell.
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