- The altcoin Pepe (PEPE) reached its highest value on May 27, 2024, but has faced a downturn since then.
- Despite this drop, current price activities point toward a potential bullish reversal.
- PEPE is trading at around $0.0001264, marking a 2.9% gain in the past 24 hours but showing a 13.5% decline over the week.
Discover the latest developments in PEPE, a memecoin that has seen highs and lows, and understand its potential for a bullish comeback.
Will Market Bulls Make a Comeback?
Currently, PEPE’s value stays above both the 50-day and 200-day SMAs, although it is close to the 50-day SMA. The cryptocurrency had previously broken out from an ascending triangle pattern, peaking at approximately $0.00001725. Despite losing bullish momentum after the breakout, bears dragged the price down to the 0.5% Fibonacci retracement level. The retracement level acted as strong support, indicating bullish behavior when the price bounced back.
Rebound Strength at Fibonacci Level
This 0.5% Fibonacci retracement corresponds well with the peak of the ascending triangle pattern, hinting that bulls are likely to buy at this level again. Such price movements often reflect a breakout and retest scenario, which points toward a future upward rally.
Implications of Increased Coin Supply
The total number of PEPE holders has reached an all-time high of 218,000, according to on-chain analysis firm Santiment. The supply has also increased from 420.78 trillion on March 13 to 422.55 trillion on June 9. This increase of approximately 1.77 trillion coins is valued at about $22.3 million based on current prices.
Discrepancies in Coin Supply
The reported maximum supply of PEPE is 420.69 trillion coins, raising questions about the additional supply observed. This discrepancy requires further examination to understand how new coins are being minted and what this means for current and future investors.
Key Insights for Investors
- PEPE maintains its position above key moving averages, suggesting recovery potential.
- The 0.5% Fibonacci retracement level is a significant support zone.
- The growing number of PEPE investors signals potential for a substantial price move.
- Questions about supply increase suggest the need for further scrutiny of minting processes.
As the cryptocurrency landscape evolves, memecoins like PEPE could be pivotal in the next market rally. While investors aspire to overcome previous high levels, only time will reveal if PEPE can scale new heights.
Conclusion
In summary, the altcoin PEPE shows some promising signs of a comeback despite recent declines. The coin’s price action relative to moving averages and key Fibonacci levels, combined with increasing investor interest, indicates potential for upward movement. However, discrepancies in supply figures require further investigation to fully understand the coin’s future trajectory. Investors should stay informed and conduct thorough research before making decisions.
