Pepe Coin Price Analysis: Will Meme Coin Recover in June, Here are the Levels!

As June progresses, the global cryptocurrency market is experiencing a downturn as Bitcoin trades below the $70,000 level. During this general market decline, Pepe Coin (PEPE) also faced significant price fluctuations. The Ethereum-based meme coin lost 18.78% in value last week, despite showing a positive uptrend in the long term. PEPE’s inconsistent performance, which has fallen 32.27% from its peak on May 27, 2024, raises the question of whether it can recover by the end of June 2024.

Current Market Performance of Pepe Coin (PEPE)

Currently, Pepe Coin price is at $0.00001169 and is down 7.76% in the last 24 hours. It experienced a larger decrease of 18.78% compared to the previous week. With this, meme coin It has recently recorded a growth of 35.23%, which shows that it maintains its flexibility in the long term.

According to CoinGecko data, PEPE ranks 24th among cryptocurrencies with a market value of $4.92 billion. The coin has experienced a surge in trading activity, with a 30.16% increase in 24-hour trading volume reaching $1.24 billion.

The ratio of volume to market value is 25.07%, which indicates a good level of liquidity in the market.

PEPE reached its highest point ever at $0.00001718 on May 27, 2024. However, the price entered a correction period, falling by 32.27% from this level.

This correction follows increased interest in the Ethereum ecosystem following the approval of the 19-4b ETF application forms. The subsequent decline is in line with Ethereum (ETH) entering its consolidation phase.

Pepe Coin Technical Analysis

Moving averages analyze market trends by averaging price data over a specific time period and provide a more balanced perspective. Current signals for Pepe coin are mixed.

Short-term moving averages provide a ‘Sell’ signal as the current price is below these averages, indicating a bearish trend.

Extended moving averages, on the other hand, give a ‘Buy’ signal, indicating that the long-term trend is still upward despite short-term bearish expectations.

This signal indicates a complex picture. While there may be immediate challenges, the outlook for the future remains optimistic.

Exponential moving averages (EMA) give more weight to recent price changes. While short-term EMAs indicate bearish momentum, the 50-day EMA highlights long-term bullish momentum.

The momentum indicator MACD is currently giving a ‘Sell’ signal. This negative signal predicts that the price may continue to decline in the short term and possibly trend back.

The Relative Strength Index (RSI) identifies overbought or oversold conditions by measuring the speed and change of price movements. PEPE’s current RSI value is 42.86 and it is in the neutral zone. This indicates that there is no immediate pressure for a reversal, allowing for both upside and downside moves.

Fibonacci retracement levels help identify potential support and resistance points. Resistance levels for Pepe Coin are $0.000017167881 and $0.000021054328, while support levels are $0.000008487254 and $0.000005877938.

To confirm a recovery, PEPE needs to break immediate resistance. Support levels can act as a safety net that prevents further decline.

Whale Activity and Market Sentiment

Recent whale activity reported by Lookonchain has also affected the market dynamics of PEPE. Sunday morning, an unknown cryptocurrency The whale purchased 231.6 billion PEPE tokens from Kraken, worth approximately $2.9 million.

This purchase added to the whale’s total assets of 750.34 billion PEPE, worth $8.34 million since mid-March. Such significant investments from large owners often indicate potential uptrends, as whales often purchase large quantities in anticipation of future price increases.

Predicting the full price movement of Pepe Coin (PEPE) until the end of June 2024, cryptocurrency It is difficult due to the inherent volatility of the market. However, given technical analysis, current market performance and recent whale activity, there is cautious optimism for a recovery.

Writer Adle Dursun about :

I am a Sociology graduate from Muğla Sıtkı Koçman University. I am actively researching and preparing content on cryptocurrency and blockchain.

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