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

PEPE Price Analysis: Poised for a Rebound

The PEPE coin surged to an all-time high on renewed interest in the Ethereum ecosystem. While it has since retreated, it has stabilized and is positioned for a rebound.

Key Metrics:

• Total token supply has increased by 1.77 trillion in three months.
• Number of token holders has reached an all-time high of approximately 218,000.
• PEPE could potentially surge by 59% to an $8 billion market cap if support at $0.000011 holds.

Price Action:

PEPE's price peaked on May 27, 2024, but has subsequently retraced. However, it remains above the 50- and 200-day moving averages.

The ascending triangle pattern broke out, leading to the previous all-time high. Bulls have faced resistance, but the price has bounced back from the 0.5 Fibonacci retracement level.

Support and Resistance:

• Support at $0.00001 is crucial for recovery.
• Resistance levels include $0.000014 and $0.000017.

Future Outlook:

Recent price gains were driven by renewed interest in Ethereum after the ETF application approval. While market sentiment has cooled, PEPE investors may be anticipating a significant rally.

Additional Observations:

• Santiment data shows that the total number of PEPE holders is at an all-time high.
• The token supply increased from 420.78 trillion to 422.55 trillion, raising questions about new token issuance.

Conclusion:

Meme coins continue to drive market sentiment. PEPE investors believe in the potential for further price appreciation, but caution and due diligence are essential.