TLDR
- Pepe Coin (PEPE) has experienced significant price fluctuations in June 2024, dropping 18.78% in the last week and 32.27% from its peak on May 27, 2024.
- Despite the recent decline, PEPE has shown long-term resilience, with a growth of 35.23% in value and a market cap of $4.92 billion, placing it as the 24th largest cryptocurrency.
- Technical analysis of PEPE reveals mixed signals, with short-term indicators suggesting a bearish outlook, while long-term indicators remain bullish.
- Recent whale activity, such as the purchase of 231.6 billion PEPE tokens by an unknown cryptocurrency whale, could hint at potential bullish trends.
- PEPE’s price is approaching a key support level near $0.000010, and a consolidation phase may occur before the next move toward the $0.0000172 level.
Pepe Coin (PEPE), the frog-themed memecoin built on the Ethereum blockchain, has been on a wild ride in June 2024.
Despite experiencing a significant drop of 18.78% in the last week and a 32.27% decline from its all-time high on May 27, 2024, PEPE has shown remarkable resilience in the long term, with a 35.23% growth in value.
Currently trading at $0.00001169, PEPE boasts a market cap of $4.92 billion, securing its position as the 24th largest cryptocurrency, according to CoinMarketCap.
The memecoin has been experiencing heightened trading activity, with a 30.16% surge in 24-hour trading volume, reaching $1.24 billion.
The recent price fluctuations have left investors wondering whether PEPE can bounce back by the end of June 2024. To answer this question, it is essential to analyze the current market trends, technical indicators, and whale activity surrounding the cryptocurrency.
Technical analysis of PEPE reveals mixed signals. Short-term moving averages suggest a bearish outlook, with the current price being lower than these averages.
However, extended moving averages indicate a bullish sentiment, suggesting that although the short-term forecast is bearish, the long-term trend remains optimistic.
The MACD, a momentum indicator, is currently indicating a ‘Sell’ signal, predicting that the price could continue to drop in the short run before potentially turning around. The Relative Strength Index (RSI) places PEPE in the neutral zone, allowing for both upward and downward movements.
To confirm a recovery, PEPE needs to break through the immediate resistance levels at $0.000017167881 and $0.000021054328. The support levels at $0.000008487254 and $0.000005877938 can act as a safety net, preventing further declines.
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.
Venture capital firm Nascent has also shown confidence in PEPE by acquiring 447.67 billion PEPE tokens for $5.45 million. This move has made PEPE the top asset in Nascent’s crypto portfolio, next to $2.93M worth of MakerDao (MKR) and popular stablecoins.
Nascent(@nascentxyz) bought 447.67B $PEPE ($5.85M) after the $PEPE price dropped.https://t.co/xqW0EhCNEj pic.twitter.com/sbiNBOrWya
— Lookonchain (@lookonchain) June 8, 2024
As PEPE approaches a key support level near $0.000010, the cryptocurrency may enter a consolidation phase before its next move toward the $0.0000172 level. The 50-day simple moving average (blue) and the 50% Fib retracement level of the upward wave from the $0.00000417 swing low to the $0.0000172 high are critical support levels to watch.
