Pepe Coin (PEPE) is gaining attention as it approaches its all-time high from nearly three years ago. After a recent 17% drop from its peak, on-chain data hints at a possible bullish reversal, with PEPE potentially reaching new highs in June 2024. Following its peak on May 27, 2024, PEPE corrected significantly, finding support at $0.000014 on June 5.
Despite a 19% price decline from last month's high, trading volume dropped more sharply by 72%, from $4.32 billion on May 23 to $1.27 billion on June 5. This suggests a potential shift in market dynamics, with weakening selling pressure as prices stabilize. Approaching critical support at the 20-day SMA ($0.0000138), PEPE may attract bullish interest for new positions.
Even with the recent decline, PEPE has outperformed major cryptocurrencies like Bitcoin and Ethereum over the past year, delivering an impressive 1,299.26% return. This strong performance has propelled PEPE into the top 20 on CoinMarketCap, with a market capitalization exceeding $6 billion.
As PEPE's price nears a key support level and bullish signs emerge, investors might see this as an opportunity to enter new positions, potentially driving PEPE above the $0.000020 mark in June 2024. However, if bearish momentum continues, PEPE risks losing key support levels, potentially falling to the 50-day SMA at $0.0000010. Despite the volatility, PEPE's strong performance highlights significant investor interest, solidifying its position in the cryptocurrency market.
