Meme Coin PEPE Sets the Path to New All-Time Highs

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In Brief

  • Pepe declined by more than 26% in the last four days and is now testing a crucial support floor.
  • The investors are showing conviction, shifting of 36 trillion SHIB into mid-term holders addresses.
  • Whales are also beginning to collect PEPE after over two weeks, bringing in $26 million in a day.

Pepe’s price mirrors the broader market’s corrective phase, finding itself at a critical support threshold.

Yet, the narrative from this juncture could take a positive turn, buoyed by investor confidence that remains steadfast.

Pepe Investors Hold Steady

Despite a 26% drop recently, Pepe’s outlook appears geared towards recovery, driven by investor optimism. This sentiment is captured by the transition of tokens from short-term to mid-term holders, indicating a deeper commitment to holding onto their investments for potential future gains.

Currently, an impressive 36 trillion PEPE, valued at over $232 million, has transitioned from the hands of short-term investors—who typically hold for less than 30 days—to mid-term holders, who retain their assets for one month to a year.

This significant shift reflects a growing investor belief in the meme coin’s prospects.

Meme Coin PEPE Sets the Path to New All-Time Highs
Pepe Supply Distribution. Source: IntoTheBlock

The confidence is not limited to retail investors alone. Crypto whales have also shown their bullish stance, amassing nearly 4 trillion PEPE, approximately worth $26 million, in the past day.

This collective investor support forms a strong bulwark against further declines.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Meme Coin PEPE Sets the Path to New All-Time Highs
Pepe Whale Netflows. Source: IntoTheBlock

PEPE Price Prediction: All-Time Highs

Currently trading at $0.00000644, Pepe is delicately poised just above the vital $0.00000633 support line. This is a boundary that has consistently held firm over the last month.

With investor bullishness and positive signals from the Ichimoku cloud, which hints at a bullish trend when positioned below the candlesticks, Pepe is positioned for a potential rebound.

This setup could propel Pepe’s price past $0.00000826 and even toward a new all-time high of $0.00001000.

Read More: Pepe (PEPE) Price Prediction 2024/2025/2030

Meme Coin PEPE Sets the Path to New All-Time Highs
PEPE Price Chart. Source: TradingView

Should Pepe break through its current support, however, it may trigger a corrective phase, challenging the bullish outlook and potentially pushing the price down to the next support level at $0.00000474.

Top crypto platforms in the US | April 2024

This article is sourced from the internet: Meme Coin PEPE Sets the Path to New All-Time Highs

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