TLDR
- Pepe Coin (PEPE) experienced a significant price drop of around 32% from its peak on May 27, 2024, leading to uncertainty about its potential recovery by the end of June 2024.
- Technical analysis shows mixed signals, with short-term indicators suggesting a bearish outlook, while long-term indicators remain bullish.
- Recent whale activity involving a $2.9 million PEPE purchase from Kraken hints at potential bullish trends.
- PEPE’s price is approaching a key support level around $0.000010, which could act as a springboard for a potential rebound.
- A consolidation phase near the $0.000010 support level is expected before PEPE potentially moves higher toward the $0.0000172 resistance level.
Pepe Coin (PEPE), the frog-themed cryptocurrency memecoin built on the Ethereum blockchain, has experienced a tumultuous ride in recent weeks.
After reaching an all-time high of $0.00001718 on May 27, 2024, the coin’s price fell by a staggering 32.27%, raising concerns about its ability to recover by the end of June.
The broader cryptocurrency market has been witnessing a downturn, with Bitcoin trading below $70,000. Amid this market decline, PEPE’s performance has been inconsistent, showing a decrease of 18.78% in the last week, despite an overall positive upward trend in the long run.
At the current price of $0.00001169, PEPE’s market cap stands at $4.92 billion, placing it as the 24th largest cryptocurrency according to CoinMarketCap.
The coin’s trading activity has surged, with a 30.16% increase in 24-hour trading volume, reaching $1.24 billion in just 24 hours. The ratio of volume to market cap is 25.07%, indicating a good level of liquidity in the market.
Technical analysis of PEPE’s price movements presents a mixed picture. Short-term moving averages suggest a “sell” signal due to the current price being lower than these averages, indicating a bearish outlook in the short term.
However, extended moving averages indicate a “buy” signal, signaling that the long-term trend remains bullish despite the recent price drops.
The Exponential Moving Averages (EMA), which give more weight to recent price changes, also show a similar pattern. While short-term EMAs signal a bearish momentum, the 50-day EMA emphasizes a bullish sentiment in the long run, regardless of the recent price declines.
The MACD (Moving Average Convergence Divergence), a momentum indicator, is currently indicating a “sell” signal, suggesting a downward trend and predicting that the price could continue to drop in the short run before potentially turning around.
The Relative Strength Index (RSI), which measures the speed and change of price movements, currently stands at 42.86 for PEPE, placing it in the neutral zone.
This suggests no immediate pressure for a reversal, allowing for both upward and downward movements.
Fibonacci retracement levels, used to identify potential support and resistance points, show resistance levels for PEPE at $0.000017167881 and $0.000021054328, while support levels are at $0.000008487254 and $0.000005877938. To confirm a recovery, PEPE needs to break through the immediate resistance levels.
Recent whale activity has also impacted PEPE’s market dynamics. On Sunday morning, an unknown cryptocurrency whale bought 231.6 billion PEPE tokens from Kraken, valued at about $2.9 million.
This purchase adds to the whale’s total holdings of 750.34 billion PEPE, amounting to $8.34 million since mid-March. Such significant investments from large holders often hint at potential bullish trends, as whales typically buy large quantities in anticipation of future price increases.
