PEPE Price Prediction: Rebound Incoming as Bears Show Signs of Fatigue

Highlights:

PEPE shows signs of a rebound after hitting $0.00001001 in the day
Weekly charts point to bear fatigue for PEPE sellers
Upcoming trading of Ethereum ETFs likely to uplift PEPE

PEPE, like much of the cryptocurrency market, is experiencing a downturn today. PEPE is trading at $0.00001069 at the time of writing, reflecting a 7.42% decline. Despite the current bearish trend, there are strong indications that PEPE could soon be poised for a rebound. Key factors, including upcoming Ethereum ETFs and Bitcoin’s anticipated bull run, could significantly impact PEPE’s price movement.

$PEPE

Still waiting for a sweep of the impulse. This is how I’d play it if offered. pic.twitter.com/Qs2EE8aQI5

— Crypto Chase (@Crypto_Chase) June 24, 2024

Impact of Upcoming Ethereum ETFs

A significant catalyst for PEPE’s potential rebound is the impending trading of Ethereum ETFs, which is expected to commence in the first week of July. There is a growing consensus that these ETFs could trigger a new bull run for Ethereum, potentially sparking a broader cryptocurrency market rally extending into 2025. This development is particularly significant for PEPE due to its growing price correlation with Ethereum. If Ethereum experiences a bullish surge, PEPE could resume the parabolic price momentum observed last month.

Bitcoin Could Help Propel PEPE Higher

PEPE could also benefit from an anticipated parabolic price run in Bitcoin, which many analysts believe is on the horizon. Bitcoin typically influences the broader cryptocurrency market, and the recent market correction can be attributed to Bitcoin’s failure to maintain the $65,000 support level. Historically, Bitcoin undergoes a consolidation phase following its 4-year halving cycle before entering a new bull cycle. This pattern is repeating, and Bitcoin could rally to over $100,000 in the coming months. As one of the successful meme coins this year, PEPE is well-positioned to capitalize on a market resurgence driven by Bitcoin’s rally.

PEPE Potential To Hit $20 Billion Market Cap

Analysts are optimistic about PEPE’s growth prospects, projecting that its market cap could reach $20 billion or higher within the year. PEPE currently has a market cap of $4.5 billion, so this projection represents a significant potential increase. This optimistic outlook is supported by PEPE’s performance metrics and market dynamics.

A victory for all $PEPE https://t.co/V0ZrCUJf87 pic.twitter.com/cdRxB3FhgO

— Pepe (@pepecoineth) June 19, 2024

Technical Analysis – PEPE Bears Rejected With High Volumes A Bullish Signal

A look at the weekly charts reveals signs of bear fatigue for PEPE. Despite a month-long sell-off, bears have not managed to erase the gains from the week of May 20. Additionally, weekly selling volumes have been decreasing, indicating a weakening sell-off. This sentiment is further evidenced by PEPE’s price action today.

While PEPE has been in a downtrend over the past 24 hours, bears faced strong rejection at $0.0000101, establishing solid support at $0.00001042. This support level has held firm as of this writing, and PEPE is showing a strong rebound.

Pepe Price Chart

Source: TradingView

Key Levels to Watch

If the upward momentum continues, the critical resistance level to monitor is $0.00001163. Breaking this resistance could propel PEPE to its recent high of $0.00001226. Conversely, if bears regain control and breach the $0.00001042 support, PEPE could see prices fall below $0.00001001 during the day. However, with rising bullish sentiment around Ethereum and the broader altcoin ecosystem, it is more likely that PEPE has bottomed out and could be on an upward trajectory from this point.

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Broader Market Influence On PEPE

The broader cryptocurrency market sentiment is crucial in PEPE’s potential rebound. The expected bullish momentum from Ethereum ETFs and Bitcoin’s possible rally could provide the necessary market conditions for PEPE to surge. The interplay between these major cryptocurrencies and PEPE’s performance highlights the interconnected nature of the crypto market.

Recap – PEPE Likely Headed For A Rebound

Despite the current bearish trend, PEPE shows significant potential for a rebound. The upcoming Ethereum ETFs and the anticipated bull run in Bitcoin are vital factors that could drive PEPE’s price higher. Technical analysis indicates weakening bearish sentiment, and crucial support levels suggest that PEPE may have bottomed out. As the broader market sentiment is increasingly bullish, PEPE is well-positioned to capitalize on these developments and potentially achieve substantial gains.