• Pepe Coin price remains far from its all-time high of $0.0000045000 recorded on May 5.
  • PEPE must rise and hold above the $0.0000008045 mean threshold to bring the next possible run in sight.
  • Upon doing so, the Fibonacci retracement levels could come into play, with the $0.0000010870 being a solid target.
  • Meanwhile, the zone extending from $0.0000006829 to $0.0000007271 is a must hold.

Pepe coin (PEPE) price continues to struggle despite being the meme coin sensation at one point in its lifetime. The frog-themed token has taken to the trend seen among its peers in the meme coin ecosystem, including Dogecoin (DOGE) and Shiba Inu (SHIB), among others.

Also Read: PEPE price recovery fazed by split in the meme coin’s team and Telegram account hack

Pepe coin price must overcome this supplier barrier for a run

Pepe coin (PEPE) price remains at its lowest after an 85% fall from its peak price of $0.0000045000. The Relative Strength Index (RSI) momentum indicator has been bearish for the longest time, spending most of the token’s lifespan below the 50% level, showing momentum has been weak. A recent attempt to breach proved short-lived, as profit booking prevailed possibly as investors exited after reaching their breakeven around the zone extending from $0.0000007671 to $0.0000008392.

With PEPE holders holding out hope that this meme coin will restore its glory days, the run may not happen until Pepe coin price breaks and holds above the mean threshold of the aforementioned order block at $0.0000008045.

Above this level, the Fibonacci retracement levels would come in play, with 38.2% Fibonacci at $0.0000010870 being a solid target. A break and close above this level would pave the way for a move north, potentially going as far as the 50% Fibonacci at $0.0000012398. In a highly bullish case, the gains could extend to the 61.8% Fibonacci at $0.0000013926. A decisive daily candlestick close above this level would confirm the uptrend, bringing the $0.0000019300 range high in sight.

PEPE/USDT 1-day chart

Conversely, if another cohort of profit takers pulls the trigger, Pepe coin price could face a rejection from the immediate supply barrier ranging from $0.0000006829 to $0.0000007271. The ensuing selling pressure could send PEPE to the range low at $0.0000005941.

The position of the RSI still below 50 shows that momentum remains weak and Pepe coin price may not be able to overcome the aforementioned supply zone. 

IntoTheBlock’s “Global In/Out of the Money” (GIOM) model reveals there is a strong supply barrier that will prevent the frog-themed meme coin from achieving its upside potential. Based on this on-chain metric, there are two major areas of interest between filled by a high number of investors that had previously purchased PEPE around this price level. Here, a combined total of approximately 38,110 addresses hold nearly 248.72 trillion PEPE.

PEPE GIOM

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ethereum price recovers slightly as whales begin accumulation spree

Ethereum price recovers slightly as whales begin accumulation spree

Ethereum showed signs of recovering its bullish momentum on Thursday, briefly rising to $3,618 as whales entered a buying spree. Despite the movement from whales, the US Securities and Exchange Commission Wells notice to Uniswap could affect Ethereum in the long run.

More Ethereum News

Solana borrowing and lending platform MarginFi sees massive withdrawal after CEO resignation

Solana borrowing and lending platform MarginFi sees massive withdrawal after CEO resignation

MarginFi saw more than $260 million leave its platform into other competing Solana platforms on Thursday. This follows controversial accusations from staking protocol SolBlaze and CEO Edgar Pavlovsky's resignation.

More Solana News

Doge contributor warns of extreme volatility amid Coinbase listing of DOGE and PEPE futures products

Doge contributor warns of extreme volatility amid Coinbase listing of DOGE and PEPE futures products

A Dogecoin contributor warned the DOGE community on Thursday to desist from derivatives trading due to the high volatility that may occur as the Bitcoin halving approaches. The warning comes as Coinbase is set to begin trading the Dogecoin futures contract after gaining approval from the CFTC.

More Dogecoin News

SEC quietly investigated and closed case against altcoin FLOW founder Dapper Labs in September

SEC quietly investigated and closed case against altcoin FLOW founder Dapper Labs in September

Flow cryptocurrency received attention on Monday after Fortune obtained a document revealing the Securities & Exchange Commission closed an investigation on its founding company, Dapper Labs, which is also responsible for developing NBA Top Shot and Crypto Kitties NFTs.

More Cryptocurrencies News

Bitcoin: Short-term holders add 1.12 million BTC, what does this mean?

Bitcoin: Short-term holders add 1.12 million BTC, what does this mean?

Bitcoin (BTC) price action for the past three weeks has been confusing for sidelined participants. On the one hand, investors are ignoring BTC and trading altcoins, and on the other hand, traders are expecting a potential dip.

Read full analysis

BTC

ETH

XRP