Pepe (PEPE) saw a remarkable 17.85% increase just two days after hitting a local low around $0.00001300, in line with predictions from Cointelegraph. As of June 12, the meme coin is currently trading at a high of $0.00001340. This surge in price was accompanied by a rise in trading volumes, indicating a growing confidence among traders that could further drive the upward momentum.
Several indicators are pointing towards a strong bullish outlook for the PEPE market, suggesting that the coin could potentially see a significant 50% price increase by the end of June. Let’s take a closer look at these potential catalysts.
PEPE’s rising wedge pattern suggests a potential 70% increase in price. The coin’s price on June 11 was hovering near the lower trendline of the rising wedge pattern, hinting at a possible bounce towards the upper trendline around $0.00002661, representing a 70% jump from current levels. Despite the usual resolution of rising wedges with a breakdown below the lower trendline, PEPE’s ongoing rebound indicates a different outcome.
Two key support levels near the wedge’s lower trendline, the 50-day exponential moving average (50-day EMA) and the 1.0 Fibonacci retracement line, support this potential rebound. However, a break below this support confluence could lead to a bearish scenario with downside targets between $0.00000283 and $0.00000642 by the end of June or in July.
The market confidence in PEPE is also evident from whale accumulation signals. The largest investors continue to accumulate and hold PEPE, with the percentage of supply held by holders of 1 billion or more remaining relatively stable. Smaller holders are actively accumulating during price dips, indicating increased participation and confidence among retail investors.
PEPE’s potential for a 50% rally by the end of June is further supported by expectations of a potential interest rate cut by the U.S. Federal Reserve in September. Bond traders are increasingly betting on a 250-basis-point rate cut, leading to a decline in Treasury yields and potentially increasing demand for riskier assets like memecoins in June.
It’s important to note that this article does not provide investment advice. All investment decisions involve risks, and readers should conduct their own research before making any decisions.