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Investors have created so much demand for PEPE Coin in the last few weeks that even Binance was forced to list it. Falling volumes in bear markets can force exchanges to make such sudden decisions. PEPE Coin has eclipsed altcoins such as ARB and SUI, and has become everyone’s favorite for the gains it brings to whales.
PEPE Coin Comment
The price of Pepe (PEPE) Coin has risen impressively since the beginning of April. From mid-April onwards, more investors became aware of it and interest grew exponentially. Despite the decline, the MEME price jumped yesterday and possibly started another rally. Will this be a rally that leads to a new all-time high, or is this just a relief rally?
Pepe Coin is the undisputed leader of the “meme coin season”, up 2400% in 14 days. The upward movement culminated on May 5 at an all-time high of $0.0000044. The Binance listing was a peak signal for it and its fall was not surprising.
On the other hand, we mentioned that the $ 0.0000015 level was the critical support zone during the 40% decline and that the potential bounce could start from there. And so it was. Now the PEPE Coin price is trying to protect the $0.000002 level as support. For now, the decline is over and the rise has begun.
PEPE Coin Price
What will happen to the PEPE Coin price from now on? Technical analysis from the short-term 30-minute chart paints a more bullish PEPE Coin picture. This is due to both Elliott Wave theory and price action. The wave count shows a possible A-B-C corrective structure completed. The downward move ending at the 0.618 Fib retracement support level fits the correction that was made.
Then, the price broke out of a descending resistance line that has existed since the all-time high. This further fits the possibility that the PEPE Price correction is done and a rally begins.
If the positive scenario materializes, the price may move towards the $0.0000030-0.0000034 zone in the coming hours and days. Closes above this level will set the stage for a new ATH test. Today’s inflation data at 15:30 could be the fuel for a potential rally.
What will happen in the opposite scenario? In the short term, a decline towards $0.000001 seems possible in an environment where $0.0000018 and $0.0000015 supports are lost.
