PEPE Recovers Amid ETH ETF Launch

Jump into PEPE price analysis after Pepecoin mounted an astonishing recovery following a display of weakness. Speculations of this recovery are due to the ETH ETF.

Some of the terms used in this article, such as MA and RSI, will have been explained in the previous article. It’s therefore highly suggested that you read it first!

When the second Ethereum spot ETFs were announced to launch next week(which was this Tuesday), Pepe immediately pumped over 20% on the day, as many other Ethereum betas also did.

This was due to speculation that they would simply outperform Ethereum, which they certainly did due to Grayscale selling over $800 million worth of Ethereum during the first two days of the ETFs being live—something that’s quickly touched upon here.

Pepe Price Analysis: Support and Resistances

(Pepe USDT – Support and Resistances)

Immediately, you will notice we have added some new levels compared to our last analysis. Sometimes, you look at a chart again and notice new levels.

We got a bounce of $0.0079 from Pepe, a level that has shown some support and resistance previously but not the biggest level in terms of S/R, I would say.

However, the reclaim of $0.0109 is hyper-bullish as it was the level that was previously all-time high for a while, and it acted as both a strong support and resistance.

Reclaiming $0.0133 would technically mean a new all-time high should be on the horizon very, very quickly.

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Insight to be gained from the moving averages?

(Pepe USDT – Moving Average)

Looking at the D100 moving average, we can quickly and clearly see that this is an important moving support and resistance.

Touches of it lead to a very big reaction. Back in April, it was the bottom before making a huge run up to a new all-time high.

In July, it almost touched it twice with huge recoveries, and yesterday, it again supported the price.

So, we can safely assume that buying touches of the moving average will technically be a good decision.

Pepe’s Relative Strength Index signaling a new trend!

(Pepe USDT – Relative Strength Index)

If you look at Pepecoin’s RSI it’s trading technically super well.

You can see that when it touches the oversold area, which is below 30, it bounces. When it manages to stay overbought for prolonged periods, it goes parabolic, and the 50 RSI has been acting as a good trendsetter, meaning the second it recaptures above it, we can assume we will see a bullish trend.

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This is also exactly what happened yesterday if you look closely, it retested 50 RSI and bounced.

Strong and Bullish – New highs on the horizon

Excuse me for forgetting to update $PEPE on here, only did in telegram.

Noticed the 0.0079 support later. Reclaimed D100 MA. In between 2 levels consolidating below resistance (bullish).

$0.01334 reclaim would be hella bullish and we can expect new all time high! https://t.co/L2uafyV9fu pic.twitter.com/w4DjhEdwSD

— VikingXBT (@VikingXBT) July 20, 2024

With all these things in mind, we have the moving average acting as support, the reclaim of the 50 RSI, and a retest of a previous strong support.

Right now might be a good time to dip your toes into a Pepecoin long with enough powder left to add if it manages to reclaim $0.0133, because this would be the ultimate signal to long.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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