PEPE has been in a positive trend since it was released on crypto exchanges, advancing from a low of $0.0000001879 to a high of $0.0000044867.
The current PEPE price stands at $0.0000013858, and potential investors should keep in mind that this token is highly volatile and remains a highly risky investment. But where is the price of PEPE going next, and what can we expect from June 2023?
Today, the Crypto Lists site will discuss PEPE price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
PEPE has rapidly gained popularity
PEPE is a meme coin with no intrinsic value that has a use for entertainment purposes. Meme coins existed since the very early days of Web1, and they focus on getting viral through the explosive nature of memes. Dogecoin (DOGE) was the first meme coin that attracted mass attention, while the other important names include Shiba Inu (SHIB) and Floki Inu (FLOKI.
The PEPE meme coin was launched towards the middle of April 2023, and there is no formal team or roadmap behind this coin. In a very short period of time, PEPE had a market cap of over $500 million, venturing into the list of the top 100 coins by means of total market capitalization.
PEPE can be purchased via major exchanges such as Huobi, Kraken, KuCoin, MEXC, OKX, and it’s also available on multiple decentralized exchanges such as Uniswap. According to the official website, the PEPE meme coin is designed to be “the most memeable meme coin in existence,” but the official website also claims that PEPE does not have a purpose like an expectation of financial return.
The PEPE meme coin ecosystem is growing rapidly, and only two weeks after the PEPE was launched, it had a whopping 65K holders; its official Telegram group had over 25,000 members, while its official Twitter had more than 133,000 followers.
PEPE has been one of the most volatile cryptocurrencies since its creation, and it is important to mention that on May 01, it more than doubled its price, surging over 100% in less than twenty-four hours. While this might sound particularly attractive, it’s also important to note that it presents a big risk, and it could just as quickly lose all of its current value.
Falling price not discouraging whales
PEPE reached highs of $0.0000044 on May 05, but the coin has fallen sharply since then. Still, signs that influential market participants known as crypto “whales” are becoming more interested suggest the frenzy around Pepe is still not over. It is important to mention that a single address was noted to have purchased $864k worth of PEPE coins from Binance on May 11.
Arguably the most significant driver of Pepe’s growth is the fact that crypto participants are now familiar with how quickly meme coins can grow, but the wider dynamics of the cryptocurrency market also play an important role in determining the price of PEPE.
Technical analysis for PEPE
PEPE has advanced from $0.0000001879 to $0.0000044867 since April 19, 2023, and the current price stands at $0.0000013858. So far, the current drop doesn’t seem to be discouraging whales from buying into the token, but a break below the $0.0000010 level would indicate that PEPE could probably test the price level at $0.00000080.
Important support & resistance levels for PEPE
On this chart (the period from April 2023), I marked important support and resistance levels that can help traders to understand where the price could move. PEPE has weakened from its recent highs, but if the price jumps above the resistance that stands at $0.0000020, the next target could be resistance at $0.0000030.
The important support level is $0.0000010, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.00000080. If the price drops below $0.00000050, which also represents an important psychological support level, the next target could be located around $0.00000030 or even below.
What speaks for the rise in the PEPE price?
The PEPE meme coin has been showing healthy trading volumes since it was released on crypto exchanges, and its falling price doesn’t seem to be discouraging whales from trading large amounts. Arguably the most significant driver of Pepe’s growth is the fact that it has rapidly gained popularity within the blockchain and cryptocurrency community.
The wider dynamics of the cryptocurrency market also play an important role in determining the price of PEPE, and if the price of this coin jumps above the resistance that stands at $0.0000020, the next target could be resistance at $0.0000030.
What indicates the downfall of PEPE?
PEPE reached highs of $0.0000044 on May 05, but the coin has fallen sharply since then, and potential investors should keep in mind that this token is highly volatile and remains a highly risky investment.
At the same time, the macroeconomic landscape remains uncertain, the cryptocurrency market is again under pressure; and because of this, investors should continue to take a defensive investment approach in the weeks ahead.
With Bitcoin being a significant driver of market sentiment, any major price movements or prolonged declines could have a negative effect on PEPE and other cryptocurrencies.
What do analysts and experts say?
PEPE meme coin has rapidly gained popularity within the blockchain and cryptocurrency community, but according to analysts, this token is highly volatile and remains a highly risky investment. PEPE is based on a popular internet meme with no value, utility, or roadmap, but it is important to mention that PEPE had a total market cap of over $2 billion at one point.
Investors should continue to take a defensive investment approach, especially because it is extremely difficult to predict accurately what a coin’s price will be in a few hours and even harder to come up with a long-term target price.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.