PEPE Price Analysis: Can Pepe Reclaim Record Highs As Buy Signal Emerges?

PEPE Price Analysis

The price of PEPE coin experienced an uptick over the weekend, driven by positive hints from the SEC Chair regarding the potential approval of spot Ethereum ETF S-1s by the end of summer.

On Monday, the price hovered around $0.0000118 during European trading hours, marking a 1.4% increase over the previous 24 hours. This renewed bullish momentum could propel PEPE towards its previous all-time high.

Potential 63% Breakout

On May 21, PEPE broke out of an ascending triangle and established a new all-time high. However, profit-taking by investors led to a retracement to $0.00001057.

After a month of downward movement, PEPE found support at a critical resistance level. Such support levels often provide strong support for price stability.

Bullish Market Structure

PEPE's price is currently within a falling wedge, a bullish market structure. This, combined with the alignment with the 0.786 Fibonacci retracement level, suggests a potential rebound.

A breakout above the wedge could trigger a surge towards the previous all-time high. Based on the 0.27 Fibonacci extension level, PEPE could potentially rise 63% to around $0.00001948.

Future Outlook

Historically, PEPE's price has tracked Ethereum, and this trend has continued recently. The positive news regarding Ethereum ETF approval has contributed to the bullish sentiment for both Ethereum and PEPE.