As a seasoned researcher with over a decade of experience in the crypto market, I find myself in a peculiar position when it comes to meme coins like Pepe. On one hand, their meteoric rise and fall can be exhilarating, much like watching a rollercoaster ride without the safety harness. On the other hand, trying to predict their trajectory is akin to attempting to catch a greased pig in a hurricane – it’s more about luck than skill.
As Bitcoin maintains its position above $106,000, meme coins such as Dogecoin ($0.41), Shiba Inu ($0.000027), and Pepe ($0.000023) have seen a modest recovery of between 1% to 2.2% within the last 24 hours. These digital currencies, however, continue to struggle in regaining significant bullish momentum compared to Bitcoin’s current stability.
At present, it’s challenging for the Pepe coin to restore its $10 billion market capitalization, given that its weekly returns have dropped to 4.97%. Could a general market revival propel the Pepe price towards a fresh record high?
Consolidation at Key Support, PEPE Bulls at Risk
On a day-to-day basis, the pattern of Pepe’s price movement suggests a horizontal or sideways trajectory. At the significant level of $0.00002311, there is a bullish stronghold that helps maintain the period of consolidation.
In this price range, Pepe Coin continues to hold its superior position over $0.000023 despite several instances of price rejection at lower levels. The increased supply suggests growing pressure, yet the trend indicates that Pepe is forming a higher low and attempting to retest its earlier peak.
Right now, the value of the meme coin stands at approximately 0.00002345 USD, showing minimal changes today following a 2.92% decrease yesterday. If we analyze the coin’s price trend using Fibonacci levels, it appears to be consolidating within a specific range. The support for this consolidation seems to stem from the 23.60% level in the Fibonacci sequence.
Even though the market’s movement shows a downtrend within the price consolidation, the Relative Strength Index (RSI) trendline continues to slope downwards. Moreover, the absence of bullish divergence suggests that the bearish trend might persist as the RSI approaches the middle point.
In the midst of market consolidation, the 20-day Exponential Moving Average (EMA) line serves as a flexible safety net, cushioning and containing surges in supply. On the other hand, the 50-day, 100-day, and 200-day EMA lines are poised to function as additional protective barriers, ready to provide support if needed. Furthermore, the nearest level of potential support is robustly established at $0.00001929.
On-chain Reveals Massive Supply
As the intensity of consolidation widens, the IntoTheBlock price indicator shows a significant amount of supply stacking up above the current prices. Specifically, a large influx of supply is anticipated within the immediate range slightly above $0.000023 and $0.000024, totaling approximately $21.36 trillion according to this indicator.
Approximately 12,610 addresses currently hold a significant amount of this asset, which could lead to potential profit-taking. Surprisingly, despite an extensive surplus in supply, the indicator suggests that about 78.95% of the trading activity near the price level is profitable.
Additionally, the “in-the-money” region contains approximately 132.51 trillion Pepe tokens valued at about $3.08 billion. Conversely, the “out-of-the-money” zone encompasses around 35.3 trillion Pepe tokens with a value of roughly $821 million.
PEPE Price Targets
According to Fibonacci trend analysis, a bullish recovery might encounter resistance near the 38.20% level, which is approximately $0.000027762. If the rally continues beyond that point, possible future price targets could be at the 61.80% and 78.60% levels, around $0.00003583 and $0.00004297 respectively.
Instead, if there’s a bearish continuation without a successful retest, it will challenge the bullish strength at the $0.000020 psychological point and the horizontal support at $0.000018366.
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2024-12-17 17:05