The altcoin Pepe (PEPE) achieved its peak value on May 27, 2024, but has been experiencing a downward trend since then. Despite this, its price movements suggest a potential bullish pattern, keeping investors hopeful for a comeback. PEPE is currently trading at about $0.0001264, marking a 2.9% increase in the past 24 hours, yet showing a 13.5% decline over the week.
Will Bulls Reenter the Market?
At present, PEPE’s value remains above the 50-day and 200-day simple moving averages (SMA) but hovers close to the 50-day SMA. The altcoin previously broke out from an ascending triangle formation, hitting an all-time high of around $0.00001725. Although the bullish momentum diminished post-breakout, bears managed to drag the price down to the 0.5% Fibonacci retracement level.
The price temporarily reached this retracement level before rebounding, indicating strong bullish market behavior. Broadly, this retracement forms a classic breakout and retest scenario for the ascending triangle pattern. The 0.5% Fibonacci retracement aligns perfectly with the top of this formation, suggesting that bulls are prepared to buy at this level again.
What Does Increased Supply Mean?
On-chain analysis firm Santiment noted that the total number of PEPE holders has reached an all-time high of 218,000, hinting that investors might be gearing up for a major move. Santiment also reported that the total PEPE supply has grown from 420.78 trillion on March 13 to 422.55 trillion on June 9, an increase of about 1.77 trillion coins worth approximately $22.3 million at the current price.
According to CoinGecko, the maximum supply of PEPE is 420.69 trillion, raising questions about the observed increase in supply. This discrepancy calls for further scrutiny to understand the minting process of new coins.
Key Investor Insights
– PEPE’s price remains above key moving averages, suggesting potential for recovery.
– The 0.5% Fibonacci retracement level serves as a critical support and buy zone.
– Increasing number of PEPE investors indicates potential for a significant price move.
– Discrepancies in PEPE supply warrant further investigation into minting practices.
As the cryptocurrency market evolves, memecoins like PEPE are anticipated to drive the next bull run. While investors aim to surpass previous all-time high levels, the market’s future remains uncertain. Only time will reveal if PEPE can achieve new milestones in the dynamic cryptocurrency landscape.