PEPE Price Targets Another All-time High in June 2024 as $3 Billion Signal Emerges

PEPE price found support $0.000014 on Tuesday June 4, 2024, having tumbled 17% from the latest all time-high recorded on May 27, crucial on-chain insights suggests the correction phase could be winding down. 

Price Dips 17% amid Profit-taking Frenzy

PEPE is a prominent memecoin project hosted-on the Ethereum blockchain network. In May 2024, PEPE price blazed the trail in the crypto markets, closing the month with a remarkable 151% growth performance.

According to CoinMarketCap rankings, PEPE also climbed more than 10 places to enter the top 20 rankings as its market capitalization rocketed above the $6 billion mark.

The global peak of $0.0000172 recorded on May 27 was PEPE’s second-consecutive all-time in as many weeks. But, as expected, after PEPE price created that double-top, investors rapidly entered a profit-taking frenzy, which has now bled into the June.

The blue shaded area in the chart above depicts how PEPE price had raced to a blistering 204.40% rally between May 1 and May 27, reaching an all-time high of $0.0000172.

But as the profit-taking wave set-in, PEPE price has since declined 19.27% from last month’s peak, as it tumbled towards the $0.00000145 level at the time of writing on June 5.

Bulls Cut Trading by $3.1B, Holding Out For June Rally

However, looking the beyond the  price charts, a critical trend observed in the PEPE markets this week suggests the bottom could soon be in.

After 19% correction over the past week, it appears that PEPE sellers are getting fatigued, which could create room for bulls to kickstart another rally in June 2024.

In a clear indication of this, the Santiment chart below tracks the dollar-value of all transactions involving a cryptocurrency on a given day.

Movements in trading volume provides insights into the level of trading activity, and investors’ sentiment towards the current PEPE price trend.

PEPE market activity peaked a $4.32 billion on May 23, as prices raced to a global peak. However, the blue trend line shows how the PEPE trading volume has entered a steep decline as price began to fall.

At the time writing on June 5, PEPE 24-hr trading volume stood at just $1.27 billion, reflecting a whopping $3.1 billion decline.

Notably, this also shows that while PEPE price has only declined 19% from last months’ market top, the trading volume has recorded a more significant 72% drop-off.

When trading volume declines faster than the price dip during a correction phase, strategic investors consider it an early signal of imminent bullish reversal.

Firstly, the faster decline in volume compared to price might indicate that sellers are  increasingly growing unwilling to sell as price fall further.

More contextually, this might indicate that most of the PEPE traders who wanted to book profits have already sold at the top. And with the trading volumes down $3 billion in the last 10-days, the selling pressure is evidently weakening, and signalling that the market might be approaching a bottom.

PEPE Price Forecast: Bull to Take Charge from $0.000014

Drawing insights from the $3 billion decline in trading volume, PEPE price now looks set for a bullish reversal from the $0.000014 support level.

Looking at the technical indicators in the chart below, after 19% decline in the last 10-days, PEPE price is now approaching a critical support territory at the 20-day Simple Moving Average (SMA) price level at $0.0000138.

With PEPE’s retracement from the all-time highs now approaching the 20% mark, bulls on the sidelines could consider it perfect timing to enter new positions.

If PEPE price heads into another rally in 2024 as predicted, the current all-time high at $0.00017 remains the main short-term resistance cluster to beat. If the bulls can generate sufficient momentum, it could hit new peaks above the $0.000020 mark in June 2024.

But if the bearish momentum intensifies, it could lose the $0.000014 key support level and fall as low as the 50-day SMA at $0.0000010.