Deep-dive into PEPE price analysis, as the meme coin vertical leads recovery rally in the crypto market, discover whether Pepecoin could be best buy opportunity right now?
Has PEPE price hit rock bottom along with the rest of the meme coin niche, or will more pain come?
While the answer largely depends on Bitcoin price movements, market sentiment seems to illuminate a bullish trajectory from here – with leading meme coins fuelling a recovery rally across the crypto market following the Mt. Gox dip.
For more information about Pepe, be sure to check out our Pepe review.
my 2c on $PEPE 1D pic.twitter.com/WlzepREAjL
— Heart (@heartereum) June 27, 2024
PEPE Price Analysis: Identifying Resistance and Support For Pepecoin
Looking at PEPE’s daily chart, we can see that there’s a big focus area, from $0.0000092 to $0.00001, that has previously acted as both support and resistance.
We can also see that in the past week, the PEPE price has bounced twice after hitting this area, and after the last touch on Monday, it peaked at +35%.
(PEPEUSDT)
100-Day Moving Average: Why PEPE Price Needs To Stay Above It
If we look at daily 100 MA (Moving Average) we can see that, ever since PEPE’s price crossed above that line in February this year, it has acted as support.
We can clearly notice it both in April and twice this week, denoting a significant bullish indicator as long as the price doesn’t drop below it.
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The RSI (Relative Strenght Index) Was Overall Neutral Until This Week
Looking at the RSI (Relative Strength Index), we know that when it’s above 70, we can consider the asset overbought, and when it’s below 30, it’s oversold.
50 RSI can act as support and resistance and as an indicator of bullish or bearish price action. Staying overbought or oversold for long periods can also be a bullish sign.
Recently, the price has been bouncing every time RSI has gotten to around 40, neither bullish nor bearish. As we speak, the price has reclaimed 50 RSI and this could be the signal of a change in trend.
(PEPERSI)
PEPE’s Holders Are Growing Exponentially Since the Beginning Of 2024
If we analyze the number of PEPE holders ever since the price broke up at the beginning of the year, we can see how this number has grown exponentially from ~150,000 to around ~240,000.
These numbers exclude people who hold on exchanges, so the actual amount of the holder should be much higher!
With all these things in mind and the price bouncing very strongly, we could consider that the most likely scenario is a trend change back to bull, and a new all-time high is most likely on the horizon.
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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.
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