Investors Remain Optimistic About Pepe's Price Recovery.
The popular altcoin Pepe (PEPE) reached its all-time high (ATH) on May 27, 2024, and has been declining since then. Despite this decline, the price chart indicates a bullish outlook, keeping investors optimistic about a recovery. PEPE is currently trading at approximately $0.0001264, having risen 2.9% in the last 24 hours despite a 13.5% drop over the past 7 days.
Bulls May Reenter the Market.
Currently, PEPE's price is above the 50-day and 200-day simple moving averages (SMA) but is dangerously close to the 50- day SMA. Altcoin previously broke out from an ascending triangle formation, reaching an all-time high of around $0.00001725. After this breakout, the bullish momentum waned, allowing bears to pull the price to the 0.5% Fibonacci retracement level.
The price briefly touched this retracement level before rebounding, showing strong bullish market action. On a broader scale, this retracement offers a textbook breakout and retest pattern for the ascending triangle formation. The 0.5% Fibonacci retracement level perfectly coincides with the top of the ascending triangle formation, indicating that bulls are ready to buy again at this level.
A recovery from this level could push PEPE's price to around $0.00001981, but resistance may be encountered at $0.000014 and $0.000017 levels along the way. Conversely, if bears gain the upper hand, there is strong support around $0.00001 that could hold the price.
Increase in Supply Raises Questions.
Despite this, on-chain analysis company Santiment reported that the total number of PEPE investors is at an all-time high of 218,000, suggesting that PEPE investors might be preparing for a significant move. Santiment also reported that the total PEPE supply increased from 420.78 trillion on March 13 to 422.55 trillion on June 9, adding approximately 1.77 trillion coins worth about $22.3 million at the current price.
