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Highlights
- Number of whale investors holding $100,000 – $1,000,000 worth of PEPE reducing.
- The number of PEPE holders maintains an all-time high, signaling investor confidence.
- PEPE may rise 63% from the current price to hit a new ATH price of $0.00001948.
PEPE Price Analysis: Pepe coin price received a boost over the weekend after SEC Chair hinted at a likely spot Ethereum ETF S-1s approval by the end of summer. PEPE price hovered around $0.0000118 during European business hours on Monday, a 1.4% increase in 24 hours. Following this revived boost in price, PEPE bulls may hijack the rally to push the price toward the previous all-time high.
PEPE Price Analysis Hints 63% Break Out
PEPE price broke out of an ascending triangle on May 21 and established a new all-time high (ATH) price. However, as investors began to take profits, the price of PEPE began to retrace and went as low as $0.00001057.
After nearly a month of downside movement, the PEPE price reached a critical resistance-turned-support level. These kinds of support structures are usually strong and can sustain the price up, all factors are constant. Pepe’s price is also in a falling wedge, which is a bullish market structure.
The current PEPE price level coincides with the 0.786 Fibonacci retracement level, which usually offers decent support for the price to bounce back. Moreover, the price retracing to the current level is part of a breakout and tests for the three-month ascending triangle Pepe broke out from.
If Pepe’s price breaks out to the upside of the falling wedge, the asset may surge back to its previous all-time high. Considering the 0.27 Fibonacci extension level, PEPE may rise 63% from its current price to hit a new ATH price of $0.00001948. On the flip side, $0.00001057 is expected to hold water.
Pepe Price Analysis Future Outlook
Historically, Pepe’s price has moved in tandem with Ethereum’s, and this time was no different. According to FOX Business journalist Eleanor Terret, Gary Gensler, Chair of the U.S. SEC, said that spot ETH ETF S-1s will likely be approved over the course of the summer.
As Ethereum investors turned bullish on this news, so did PEPE bulls.
According to Santiment, an on-chain analysis firm, PEPE holders are at an all-time high with the number of whale investors holding $100,000 – $1,000,000 worth of PEPE reducing. This is an important metric as it shows supply re-distributions among small investors. Projects with only whales may not last long as existing whales usually clear out liquidity from the pools.
Bottom Line
As Ethereum buy fever kicks in due SEC Chair’s statement before Senator Hagerty, ERC20 meme coins are going to begin performing well, with PEPE leading them. This may be a crucial point for PEPE’s price in the long term.
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