TLDR
- PEPE coin’s price is currently experiencing fluctuations, with recent dips and potential for future rallies.
- The approval of Spot Ethereum ETFs is expected to positively impact PEPE and other meme coins.
- Technical analysis suggests PEPE may be preparing for a bullish move after consolidating above key support levels.
- On-chain data shows a bullish sentiment among PEPE investors, with a Long-to-Short ratio of 1.66.
- External factors like Federal Reserve interest rate decisions may influence PEPE’s price movement.
PEPE, the popular meme cryptocurrency, is currently at a crossroads. As of July 24, 2024, the coin’s price stands at approximately $0.00001181, reflecting recent market fluctuations.
While PEPE experienced a 2.9% dip amidst a significant $900 million trading volume, analysts and investors are closely watching several factors that could influence its future price movement.
One of the most notable developments in the crypto world is the recent approval of Spot Ethereum ETFs in the United States. This milestone is expected to reshape institutional interest in Ethereum, the world’s largest altcoin, and potentially affect the market values of meme coins like PEPE.
Drawing parallels from the impact of Spot Bitcoin ETFs, which saw daily net inflows of about $125 million in their first 30 days, many predict a similar boost for Ethereum-related assets.
PEPE’s high correlation with Ethereum makes it a potential beneficiary of this development. Historical data shows that PEPE surged by 86.56% in just 7 days following the approval of Spot Bitcoin ETFs, suggesting a similar pattern could emerge with Ethereum ETFs.
Technical analysis of PEPE’s price chart reveals interesting patterns. The coin recently broke out of a bullish flag pattern and is now consolidating above a key support level of $0.0000015.
This consolidation phase often precedes a significant price movement, hinting at a potential bullish continuation. The price has also broken out of a descending channel pattern, which some analysts interpret as a change in market structure from bearish to bullish.
On-chain data provides further insights into PEPE’s market dynamics. The Long-to-Short ratio currently stands at 1.66, indicating a bullish sentiment among investors.
This means approximately 1.66 times as many long positions are open as short positions, suggesting more traders are betting on the coin’s price increasing.
However, it’s worth noting that the number of large transactions involving PEPE has decreased recently, with a 27.93% drop in the last 24 hours alone. While this could be interpreted in various ways, some analysts suggest it might precede significant price movement.
External factors are also at play in PEPE’s price dynamics. The cryptocurrency market is anticipating potential Federal Reserve interest rate cuts, with reductions in borrowing costs expected as early as September.
Such moves could boost overall crypto sentiment and potentially benefit meme coins like PEPE.
Despite these potentially positive factors, PEPE faces challenges. The coin’s price has dipped below its 50-day Exponential Moving Average, suggesting a bearish trend in the short term.
Key support levels to watch are $0.00001167, $0.00001122, and $0.00001081, while resistance levels are set at $0.00001220, $0.00001251, and $0.00001298.
