Pepecoin has not been in the news lately. Nonetheless, it seems to be consolidating after a massive run that led to the asset hitting a new all-time high after the other.
The memecoin continues to lead others of its kind in the Ethereum ecosystem. It also saw massive volatility as several key events occurred in the crypto space. One such is EFT approval. PEPE was one of the biggest gainers during that period and saw massive gains. The approval, which came on May 23, saw several Ethereum products record massive gains.
In the days leading up to the milestone, PEPE surged by over 40%. For example, on May 20, it started trading at $0.0000091 and peaked at $0.0000114, closing with more than 24% gains. It registered gains of over 20% during the next intraday session as it surged to a high of $0.000014.
Following minor corrections, the coin resumed its uptrend and gradually hit a new all-time high of $0.000017. After the uptrend, the coin consolidates as the bulls look to accumulate and build momentum.
The cryptocurrency will see more price changes as the Ethereum ecosystem sees more traffic. The latest development on the blockchain is the partnership between the ETH Foundation, Aztec, Polygon, Scroll, Taiko, and zkSync to improve research through grant rounds. The grants will help several organizations improve the ETH ecosystem.
Current Price Trend
The coin has been on a decline since the ATH. In the three days following the milestone, it lost over 14%. The downtrend started with prices at $0.000016 and continued until the coin rebounded at $0.000013.
It traded within a horizontal channel, maintaining trading above $0.00014. However, it took a plunge on June 7 that saw the coin lose the support and drop to a low of $0.000011 before rebounding. Nonetheless, the asset closed with losses of over 10%.
Since this massive decline, PEPE surged above $0.0000129 on rare occasions. The coin resumed trading within a horizontal channel. It hit a high of $0.000012 but tested the $0.000010 support. Currently down by over 4%, the coin may be heading for a retest of the $0.000010.
Having lost the 50-day exponential moving average, the token may retrace to test the 100-day EMA at $0.000010. Nonetheless, it is trading close to the 50% Fibonacci retracement level. With considerable demand concentration at $0.0000114, the asset is recovering from its decline.
The wick extending from the candle further affirms the previous statement. The token retraced from a high of $0.000012 due to significant selling pressure. Attesting to this increase in pressure is the relative strength index. The metric retraced from 49 and is currently at 46.
Pepecoin Price Prediction 2024
The moving average convergence divergence is printing sell signals at the time of writing. The 12-day EMA is on the downtrend and is close to intercepting the 26-day EMA. With the ongoing bearish convergence, it is billed to see further decline.
