PEPE Price Analysis: Pepe Rally In Sight as Holder Count Hits New Highs

PEPE Price Analysis

On May 27, 2024, PEPE's price reached an all-time high, but it has since retraced. Despite this, investors anticipate a rebound, supported by a bullish price chart.

On Monday, during European trading hours, PEPE traded near $0.0001264, up 2.9% in 24 hours but down 13.5% over the past week.

Bullish Outlook

PEPE's price remains above the 50-day and 200-day simple moving averages (SMA), albeit close to the former. After breaking out of an ascending triangle and reaching an all-time high of $0.00001725, bears drove the price down to the 0.5 Fibonacci retracement level.

However, the price quickly rebounded, indicating bullish momentum. This correction may be part of an ascending triangle breakout and retest. The 0.5 Fib retracement coincides with the ascending triangle's top, suggesting bulls may enter near this level.

A bounce could propel PEPE to a new all-time high of $0.00001981, with resistance at $0.000014 and $0.000017. Support is evident around $0.00001.

Future Outlook

PEPE's previous price surge followed renewed interest in Ethereum after the approval of 19-4b ETF application forms. While the hype has subsided, investor interest in PEPE remains strong.

According to Santiment, PEPE's total holder count is at an all-time high (218,000). The total supply of PEPE tokens has also increased, adding 1.77 trillion tokens worth approximately $22.3 million at the current price.