A recent transfer of 9 trillion PEPE tokens from an exchange to a wallet suggests possible accumulation as the crypto market anticipates the second digital asset ETF (Exchange Traded Fund) approval in the United States, specifically for Ethereum (ETH). As an Ether-based meme coin, PEPE could significantly benefit from the approval of a spot Ether ETF by the Securities and Exchange Commission (SEC).
Despite this large PEPE transfer, the token’s price remained bearish. As of the time of writing, PEPE is trading at approximately $0.0000089, experiencing a more than 2% price drop in the past 24 hours. This bearish sentiment has also led to a 22% decrease in 24-hour trading volume, indicating reduced interest from investors and traders.
Over a longer period, PEPE has seen a nearly 20% price decline, with a 30% loss in value over the past 30 days.
PEPE Technical Analysis and Key Levels
Expert technical analysis indicates that PEPE is bullish on a longer time frame, trading above the 200 Exponential Moving Average (EMA). This position above the 200 EMA suggests potential bullish momentum, with PEPE finding support at this level.
The Relative Strength Index (RSI) on a daily time frame also supports a bullish outlook, indicating that PEPE is in an oversold area, which could lead to a price recovery. Additionally, the Fibonacci retracement shows a bullish signal as PEPE is above the golden ratio of 38.2%.
Based on these data and technical indicators, PEPE has a high chance of surging more than 45% and reaching the $0.000013 level.
Other Meme Tokens Show Price Movement
In addition to PEPE, other meme tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), and Dogwifhat (WIF) have also seen notable price movements in the last 24 hours. According to CoinMarketCap data, DOGE, SHIB, and WIF have experienced price drops of 1%, 0.95%, and 0.5%, respectively.
Not a financial advice.