Can Pepe Reclaim Record Highs As Buy Signal Emerges?

PEPE Price Analysis: Pepe coin price received a boost over the weekend after SEC Chair hinted at a likely spot Ethereum ETF S-1s approval by the end of summer. PEPE price hovered around $0.0000118 during European business hours on Monday, a 1.4% increase in 24 hours. Following this revived boost in price, PEPE bulls may hijack the rally to push the price toward the previous all-time high.

PEPE Price Analysis Hints 63% Break Out

PEPE price broke out of an ascending triangle on May 21 and established a new all-time high (ATH) price. However, as investors began to take profits, the price of PEPE began to retrace and went as low as $0.00001057.

After nearly a month of downside movement, the PEPE price reached a critical resistance-turned-support level. These kinds of support structures are usually strong and can sustain the price up, all factors are constant. Pepe’s price is also in a falling wedge, which is a bullish market structure.

The current PEPE price level coincides with the 0.786 Fibonacci retracement level, which usually offers decent support for the price to bounce back. Moreover, the price retracing to the current level is part of a breakout and tests for the three-month ascending triangle Pepe broke out from.

If Pepe’s price breaks out to the upside of the falling wedge, the asset may surge back to its previous all-time high. Considering the 0.27 Fibonacci extension level, PEPE may rise 63% from its current price to hit a new ATH price of $0.00001948. On the flip side, $0.00001057 is expected to hold water.

Pepe Price Analysis Future Outlook

Historically, Pepe’s price has moved in tandem with Ethereum’s, and this time was no different. According to FOX Business journalist Eleanor Terret, Gary Gensler, Chair of the U.S. SEC, said that spot ETH ETF S-1s will likely be approved over the course of the summer.

As Ethereum investors turned bullish on this news, so did PEPE bulls. 

According to Santiment, an on-chain analysis firm, PEPE holders are at an all-time high with the number of whale investors holding $100,000 – $1,000,000 worth of PEPE reducing. This is an important metric as it shows supply re-distributions among small investors. Projects with only whales may not last long as existing whales usually clear out liquidity from the pools.

Bottom Line

As Ethereum buy fever kicks in due SEC Chair’s statement before Senator Hagerty, ERC20 meme coins are going to begin performing well, with PEPE leading them. This may be a crucial point for PEPE’s price in the long term.

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Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.