PEPE Price Prediction: Rebound Incoming as Bears Show Signs of Fatigue
Highlights:
- PEPE shows signs of a rebound after hitting $0.00001001 in the day
- Weekly charts point to bear fatigue for PEPE sellers
- Upcoming trading of Ethereum ETFs likely to uplift PEPE
PEPE, like much of the cryptocurrency market, is experiencing a downturn today. PEPE is trading at $0.00001069 at the time of writing, reflecting a 7.42% decline. Despite the current bearish trend, there are strong indications that PEPE could soon be poised for a rebound. Key factors, including upcoming Ethereum ETFs and Bitcoin’s anticipated bull run, could significantly impact PEPE’s price movement.
Still waiting for a sweep of the impulse. This is how I’d play it if offered. pic.twitter.com/Qs2EE8aQI5
— Crypto Chase (@Crypto_Chase) June 24, 2024
Impact of Upcoming Ethereum ETFs
A significant catalyst for PEPE’s potential rebound is the impending trading of Ethereum ETFs, which is expected to commence in the first week of July. There is a growing consensus that these ETFs could trigger a new bull run for Ethereum, potentially sparking a broader cryptocurrency market rally extending into 2025. This development is particularly significant for PEPE due to its growing price correlation with Ethereum. If Ethereum experiences a bullish surge, PEPE could resume the parabolic price momentum observed last month.
Bitcoin Could Help Propel PEPE Higher
PEPE could also benefit from an anticipated parabolic price run in Bitcoin, which many analysts believe is on the horizon. Bitcoin typically influences the broader cryptocurrency market, and the recent market correction can be attributed to Bitcoin’s failure to maintain the $65,000 support level. Historically, Bitcoin undergoes a consolidation phase following its 4-year halving cycle before entering a new bull cycle. This pattern is repeating, and Bitcoin could rally to over $100,000 in the coming months. As one of the successful meme coins this year, PEPE is well-positioned to capitalize on a market resurgence driven by Bitcoin’s rally.
PEPE Potential To Hit $20 Billion Market Cap
Analysts are optimistic about PEPE’s growth prospects, projecting that its market cap could reach $20 billion or higher within the year. PEPE currently has a market cap of $4.5 billion, so this projection represents a significant potential increase. This optimistic outlook is supported by PEPE’s performance metrics and market dynamics.
A victory for all $PEPE https://t.co/V0ZrCUJf87 pic.twitter.com/cdRxB3FhgO
— Pepe (@pepecoineth) June 19, 2024
Technical Analysis – PEPE Bears Rejected With High Volumes A Bullish Signal
A look at the weekly charts reveals signs of bear fatigue for PEPE. Despite a month-long sell-off, bears have not managed to erase the gains from the week of May 20. Additionally, weekly selling volumes have been decreasing, indicating a weakening sell-off. This sentiment is further evidenced by PEPE’s price action today.
While PEPE has been in a downtrend over the past 24 hours, bears faced strong rejection at $0.0000101, establishing solid support at $0.00001042. This support level has held firm as of this writing, and PEPE is showing a strong rebound.
Source: TradingView
Key Levels to Watch
If the upward momentum continues, the critical resistance level to monitor is $0.00001163. Breaking this resistance could propel PEPE to its recent high of $0.00001226. Conversely, if bears regain control and breach the $0.00001042 support, PEPE could see prices fall below $0.00001001 during the day. However, with rising bullish sentiment around Ethereum and the broader altcoin ecosystem, it is more likely that PEPE has bottomed out and could be on an upward trajectory from this point.
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Broader Market Influence On PEPE
The broader cryptocurrency market sentiment is crucial in PEPE’s potential rebound. The expected bullish momentum from Ethereum ETFs and Bitcoin’s possible rally could provide the necessary market conditions for PEPE to surge. The interplay between these major cryptocurrencies and PEPE’s performance highlights the interconnected nature of the crypto market.
Recap – PEPE Likely Headed For A Rebound
Despite the current bearish trend, PEPE shows significant potential for a rebound. The upcoming Ethereum ETFs and the anticipated bull run in Bitcoin are vital factors that could drive PEPE’s price higher. Technical analysis indicates weakening bearish sentiment, and crucial support levels suggest that PEPE may have bottomed out. As the broader market sentiment is increasingly bullish, PEPE is well-positioned to capitalize on these developments and potentially achieve substantial gains.
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Kamal Masri
Kamal is an experienced financial analyst with a demonstrated history of working in the Financial Market. Skilled in Equities, Capital Markets, Portfolio Management, Risk management, and Corporate Finance. Kamal has worked at some of the leading online finance publications providing his expert knowledge on cryptocurrency. Kamal has written widely on digital assets across the stock and crypto media space and beyond, including for Coindesk, Ethereum World News and The FinTech Times.
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