The recent approval of Spot Ethereum ETFs in the United States represents a pivotal moment for the crypto sector. This development is anticipated to boost institutional interest in Ethereum, which could affect the market prices of meme coins such as PEPE. The correlation between PEPE and Ethereum suggests that PEPE will likely benefit from this new approval. Historical trends indicate that PEPE saw an impressive 86.56% surge within a week following the approval of Spot Bitcoin ETFs, hinting at the possibility of a similar upward movement with the launch of Ethereum ETFs.
PEPE has shifted to bearish sentiment, with its live price at $0.00001176 and a 24-hour trading volume of $603,433,120. PEPE is down 4.42% in the last 24 hours, highlighting increased market volatility. This bearish turn follows significant whale activity, including the sale of over 170 billion PEPE tokens, causing the market to react and PEPE to dip to support at $0.000011. Despite this, PEPE’s price bounced off the 200-day moving average and rallied back to the $0.0000123 level.
PEPE Faces Buying Pressure at $0.000011
PEPE’s price action around key moving averages provides further insights into its trend. On daily charts, PEPE/USD has moved above its 50-day exponential moving average (EMA), indicating short-term bullish momentum. The most important level to watch remains the 200-day EMA. A sustainable breakout above this point could confirm long-term bullishness.
The Relative Strength Index (RSI) currently reads 58.79, suggesting there is room for upward movement before turning overbought. If the RSI crosses above 60, it would indicate more buying pressure leading to further upward moves.
The key resistance levels to watch are $0.00001386 as immediate resistance, a break above which could lead to a significant upside move. The secondary resistance at $0.00001431 is where traders might take profits, but a break above this could open doors to higher levels. If PEPE breaks above the immediate resistance at $0.00001386 with strong volume, it could trigger a bullish continuation. The next target would be $0.00001431, followed by potential new highs above $0.000015.
On the downside, if PEPE fails to break through resistance and dips below the support at $0.000011, it could test down to around $0.00001075 before rebounding back up again. Failure to hold this support will invalidate positive expectations and could open floodgates for more sellers into this market.
Market Sentiment and Recent Developments
However broadly speaking in terms of market influences like regulatory changes among other macroeconomic shifts not much has changed concerning Pepe which has maintained its strong presence in the market due to its loyal community and meme-coin status. The community’s passion as well as backers of Pepe have both been important elements that have contributed greatly in making sure that it remains successful and are also expected to drive prices.
Recent data from Coinglass shows that open interest (OI) for Pepecoin has been rising sharply thus indicating an increase in long positions being taken by traders. Consequently, there is a likelihood that this will result in an upward trend in PEPE’s price to $0.00002 over the coming weeks.
Pepecoin (PEPE) has captured the crypto world by storm. Its rapid price fluctuations and dedicated community have propelled it to new heights. PEPE has attracted a huge mass of investors seeking high-reward opportunities. With analysts predicting a potential 400% surge, Pepecoin is poised for a major breakout.
PEPE Coin Faces Consolidation with Bearish Indicators on 4-Hour Chart
The 4-hour chart for PEPE coin reveals a period of consolidation following a significant downtrend. The Relative Strength Index (RSI) is currently at 43.82, indicating a neutral to slightly bearish sentiment as it hovers below the 50 level. This suggests there is potential room for either upward or downward movement, depending on market conditions. The Moving Average Convergence Divergence (MACD) indicator shows a bearish crossover, with the MACD line (blue) crossing below the signal line (orange).
The MACD histogram is printing red bars as an additional confirmation of this bearish view. The price action has found support around the $0.000117 level coinciding with the lower boundary of recent consolidation. There is resistance near $0.000119 where price has tested several times and failed to break above it. On a four-hour chart, PEPE coin indicates that it is consolidating with bearish indicators signaling caution among traders.
