Pepe price resumes bullish impetus as PEPE holder count edges toward 20,000

Pepe (PEPE) price has shown some bullish momentum despite the recent slowdown. After almost a week of testing a crucial support level, PEPE has resumed consolidation with a promising trajectory. This could bode well for the meme coin if buyer momentum sustains or a proper catalyst presents. In the meantime, however, the pace seems steady as crypto markets take a breather. Nevertheless, the likes of Cardano will stop at nothing to steer ADA.

Also Read: Ethereum killer Cardano rolls out version 8.1.1, likely to catalyze ADA price recovery

Pepe price shows bullish momentum as new holders come in

Pepe (PEPE) price is showing some promising activity after a long wait, but much depends on investor interest in the meme coin. While PEPE is up almost 100% from its all-time low of $0.0000005 recorded on April 30, it is still down a staggering 80% since the May 5 intraday high of $0.0000045.

At the time of writing, Pepe price is $0.0000009, a daily rise of 0.15% bolstered by a 10% increase in 24-hour trading volume. This points to a growing interest in PEPE among traders. A sustained bullish momentum could see the meme coin continue above the uptrend line, delivering more gains for investors.

However, Pepe price would need to flip the 50-day Exponential Moving Average (EMA) into support for a significant breakout. Notice that this supplier congestion level has suppressed PEPE for almost a month, and flipping it would clear the path northward.

This positive outlook is reinforced by the Relative Strength Index (RSI), whose upward movement suggests a steadily rising momentum.

PEPE/USDT 12-hour Chart

PEPE holder count rises, on-chain metric shows

Pepe price showing an uptick comes as more crypto market participants buy into the PEPE ecosystem. Based on data from Etherscan, the number of token holders is increasing, slowly edging toward 20,000. 

If the buying momentum intensifies, the infamous meme coin’s market value will also increase.

Conversely, selling pressure at around the $0.0000010 level challenges the upward move for Pepe price, with data from IntoTheBlock showing that this was a crucial supplier congestion zone.

Therefore, any efforts by bulls to push Pepe price above this level would be met by massive selling pressure from the 18,280 addresses that bought approximately 71.7 trillion PEPE tokens at an average price of $0.0000010.

An increase in selling pressure could see Pepe price invalidate the current bullish outlook with a 12-hour candlestick close below the critical support at $0.0000008.

The bearish thesis is underscored by the position of the RSI below 50, indicating Pepe price strength was more in favor of the bears than the bulls.