After reaching an all-time high market cap of around $7 billion in May, PEPE entered a heavy correction phase and lost around 50% of its value.
However, the PEPE price pumped 10% today, pushing its market cap back above the $4 billion mark. At the time of writing, it’s trading around $0.0000096.
Considering ETH ETFs will start trading any day now, this could be a positive sign for the whole Ethereum ecosystem. PEPE is a part of this ecosystem since it’s the second largest meme coin on the network (behind SHIB).
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PEPE Price: Technical Analysis
As per altFINS’s analysis, PEPE’s trends are currently mixed.
However, the price remains in a long-term uptrend as it trades above its 200-day moving average. The price has bounced off the $0.0000078 support level (following a market crash earlier this month), and broken back above the $0.0000091 resistance.
They now see a potential upside to $0.0000113. Traders might consider setting a stop loss at $0.0000083.
Momentum appears to be turning bullish again, with the MACD Histogram on the rise. The recent price action has formed a resistance breakout pattern, indicating that buyers have absorbed the supply from sellers at this level. This can potentially allow the price to resume its advance.
While the short-term and medium-term trends are currently down, the long-term trend remains strongly positive. In terms of momentum, the price is neither overbought nor oversold based on RSI-14 levels.
For those monitoring support and resistance levels, the nearest support zone is at $0.0000078, followed by $0.000006. The closest resistance zone lies at $0.0000113. Traders and investors might want to keep an eye on these levels for potential entry or exit points.
Read also: MOG Meme Coin Price Explodes 150% Within a Month, But Here’s the Catch
Best Meme Coin on Ethereum?
PEPE’s position in the market could be well set for traders in the upcoming months. What I mean by this is the fact that PEPE has a big market cap of around $4 billion which means any heavy pullbacks of 70-80% seem unlikely.
At the same time, PEPE still has a lot lower market cap than Shiba Inu ($10.7 billion) and Dogecoin ($17 billion) which means it might have stronger growth potential.
With ETH ETFs being approved and soon trading, Ethereum’s ecosystem could see big numbers this year. PEPE is definitely a big part of this ecosystem and might do well in the second part of 2024.
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