HomeNewsPepe Coin's Rollercoaster: SEC News Sparks Hopes of a Rally

Pepe Coin’s Rollercoaster: SEC News Sparks Hopes of a Rally

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  • PEPE coin price boosted after SEC Chair hinted at Ethereum ETF approval.
  • Fibonacci levels suggest a possible 63% surge for PEPE to a new ATH of $0.00001948 if it breaks past the falling wedge.

Following SEC Chair Gary Gensler’s hints that spot Ethereum ETF S-1s would probably be approved by the end of summer, the price of Pepe Coin (PEPE) rose noticeably over the weekend.

But as of right now, according to CoinMarketCap data, PEPE’s price is about $0.00001167, down 1.81% in the previous day. With a 6.45% fall within the last week, the coin has displayed a negative trend.

PEPE’s Price Breakout and Historical Performance

May 21 saw PEPE break out of an ascending triangle and hit a new all-time high (ATH). After a pullback due to profit-taking by investors, the price dropped to $0.00001057.

But the price has now found support at a crucial resistance-turned-support level, which usually keeps pricing steady if all other things stay the same. The price of PEPE is also presently in a bullish market structure known as a falling wedge pattern.

The current PEPE price is well supported for any price rallies by the 0.786 Fibonacci retracement line. As part of a larger breakout, the current pullback tests the three-month ascending triangle from which PEPE emerged.

Should PEPE emerge upward from the descending wedge, it may retrace its steps to its earlier top.

With a 0.27 Fibonacci extension level, PEPE may increase by 63% from where it is now to a new ATH of $0.00001948. Still, strong support is anticipated to come from the $0.00001057 level.

Future Outlook and Influencing Factors

Prices of PEPE have historically followed the swings of Ethereum, and this trend is still present. Gensler’s remarks on the potential approval of spot ETH ETF S-1s have motivated PEPE bulls, which is similar to the upbeat attitude among Ethereum investors.

According to Santiment’s on-chain data, PEPE holdings are at an all-time high, although whale investors owning between $100,000 and $1,000,000 worth of PEPE are fewer.

This suggests a redistributing of supply among smaller investors, which is crucial for the project’s survival because whale-dominated ventures frequently have these big holders drain their liquidity.

Beside that, a prior ETHNews report highlighted the enormous potential of this meme coin with a frog motif by showing a trader who invested in PEPE to make $462 into $3.4 million.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: [email protected] Phone: +49 160 92211628