The PEPE price is trading at $0.00001601 as of 1:30 am EST, down 4% over the last 24 hours.
This comes days after the U.S. Securities and Exchange Commission (SEC) approved spot Ethereum ETFs, setting the stage for potential new all-time highs (ATHs) for Ether (ETH) and other tokens within the ecosystem.
With ETH soaring 30% in the last seven days, Ethereum memecoin titans, Pepe and Floki have been following in the token’s footsteps.
PEPE is up 44% in the last week, surpassing its previous all-time high of $0.00001064 to reach a new peak of $0.00001722 on May 27, according to data from CoinMarketCap.
However, the price of the popular memecoin is turning down as bears book profits on the latest rally to all-time highs. Despite this, PEPE’s up-only trend remains intact as it enjoys substantial support on the downside, as evidenced by data from market intelligence firm IntoTheBlock.
Its In/Out of the Money Around Price (IOMAP) model shows that PEPE has strong downward support compared to the resistance it faces on the upside. For example, the immediate support provided by the $0.000016 to $0.000017 demand zone is where approximately 3.57 trillion PEPE were previously bought by roughly 3,730 addresses.
PEPE IOMAP chart. Source: IntoTheBlock
A look at the daily chart also reveals additional lines of support for PEPE provided by all the major simple moving averages (SMAs) on the downside. These were demand zones at $0.00000880, $0.0000753, and $0.00000437 embraced by the 50-day SMA, 100-day SMA and 200-day SMA respectively.
This means that the path with the least resistance for PEPE price is on the upside.
As such, increased buying from the current level will take the price first toward the all-time high at $0.00001722 and later into price discovery with the bulls’ eyes set on the psychological level at $0.000020. This would represent a 25% uptick from the current price.
BTC/USD daily chart. Source: TradingView
This positive outlook was supported by the relative strength index (RSI) ‘s position in the overbought region, suggesting that the bulls are in full control of the price.
On the downside, if Pepe’s price produces a daily candlestick close below the $0.0000160 psychological level, it would suggest that a short-term spike in buying pressure was a bull trap.
In such a case, Pepe’s price could drop 75% and revisit April’s swing low at $0.00000394.
