As June progresses, the global cryptocurrency market is experiencing a downturn, as Bitcoin trades below $70,000. Amid the broader market decline, Pepe Coin (PEPE) has experienced significant price fluctuations as well. The frog-themed cryptocurrency memecoin built on Ethereum experienced a decrease of 18.78% in the last week, despite a positive upward trend in the long
The post Will Pepe Coin (PEPE) Price Recover in June 2024? appeared first on CoinGape.
As June progresses, the global cryptocurrency market is experiencing a downturn, as Bitcoin trades below $70,000. Amid the broader market decline, Pepe Coin (PEPE) has experienced significant price fluctuations as well. The frog-themed cryptocurrency memecoin built on Ethereum experienced a decrease of 18.78% in the last week, despite a positive upward trend in the long run. After dropping 32.27% from its peak on May 27, 2024, the inconsistent performance raises the question: can PEPE bounce back by the conclusion of June 2024?
Current Market Performance of Pepe Coin (PEPE)
The current Pepe Coin (PEPE) price is $0.00001169, showing a decrease of 7.76% in the last 24 hours and a larger drop of 18.78% over the previous week. However, the meme coin saw a growth in its value by 35.23%, indicating resilience in the long-term.
PEPE boasts a market cap of $4.92 billion, earning its position as 24th, among cryptocurrencies, according to CoinMarketCap. The coin is experiencing heightened trading activity, with a surge of 30.16% in 24-hour trading volume, reaching $1.24 billion in just 24 hours.
The ratio of volume to market cap is 25.07%, showing a good level of liquidity in the market.
PEPE hit its highest point ever at $0.00001718 on May 27, 2024, a mere 15 days in the past. Afterwards, the price decreased by 32.27%, indicating a correction phase after reaching the peak.
This correction followed the heightened interest in the Ethereum ecosystem after the approval of the 19-4b ETF application forms. The subsequent decline aligns with Ethereum (ETH) moving into a consolidation phase.
Technical Analysis of PEPE Coin (PEPE)
Moving averages analyze market trends by averaging price data over certain timeframes, offering a more balanced perspective. For PEPE, the current signals are mixed.
Short-term Moving Averages suggest a ‘Sell’ signal due to the current price being lower than these averages, indicating a bearish outlook.
Conversely, extended Moving Averages indicate a ‘Buy’ signal, indicating that although the short-term forecast is bearish, the long-term trend is still bullish.
This mixture of signals indicates a careful perspective. While there are immediate challenges, the outlook for the future remains optimistic.
Exponential Moving Averages (EMA) gives more weight to recent price changes.
Although short-term EMAs signal a bearish momentum, the 50-day EMA emphasizes a bullish sentiment in the long-term, regardless of the recent price drops.
The MACD, a momentum indicator, is currently indicating a ‘Sell’ signal. This unfavorable figure indicates a downward trend, predicting that the price could keep dropping in the short run before possibly turning around.
The Relative Strength Index (RSI) measures the speed and change of price movements, identifying overbought or oversold conditions. PEPE’s current RSI is 42.86, placing it in the neutral zone. This suggests no immediate pressure for a reversal, allowing for both upward and downward movements.
Fibonacci retracement levels help identify potential support and resistance points. Resistance levels of Pepe Coin are at $0.000017167881 and $0.000021054328, and support levels are at $0.000008487254 and $0.000005877938.
To confirm a recovery, PEPE needs to break through the immediate resistance. The support levels can act as a safety net, preventing further declines.
Whale Activity and Market Sentiment
Recent whale activity as reported by Lookonchain, 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.
Conclusion
Predicting the exact price movement of Pepe Coin (PEPE) by the end of June 2024 is challenging due to the inherent volatility of the cryptocurrency market. However, considering the technical analysis, current market performance, and recent whale activity, there is cautious optimism for a recovery.
Key factors to watch include:
- Bitcoin’s performance: If Bitcoin bounces back, it could lead to a wider market recovery, which would be advantageous for altcoins such as PEPE.
- Investor sentiment: Investor sentiment could boost PEPE’s price if trading volumes and whale activity increase.
- Market developments: Market changes such as regulatory updates, collaborations, and technological progress may also impact the price of PEPE.
Despite the challenging market conditions, Pepe Coin (PEPE) strong resilience and bullish indicators indicate that a potential recovery could occur by June 2024, albeit with no certainty. Investors need to remain knowledgeable and closely track market conditions, taking into account both immediate challenges and future opportunities.
The post Will Pepe Coin (PEPE) Price Recover in June 2024? appeared first on CoinGape.
