PEPE is up over 60% in May, eclipsing Bitcoin performance on the price charts. With a new ATH, can PEPE bulls push further?
PEPE’s new ATH has set it into a price discovery territory – will it rally further or cool off?‘supercycle’ narrative is becoming more evident in this market cycle. Memes’ performance on the price charts has been explosive.The explosive rally pushed PEPE into a new all-time high of $0.00001146, but can bulls push further?A Fibonacci retracement tool between the 2024 lows and the previous all-time high on the daily chart.
The frog-themed meme has been in a slow but steady recovery in Q2, from mid-April, as shown by the ascending channel . The upswing to a new ATH reversed all losses in Q1 and part of Q2. This meant that most holders had unrealized profits and could book the gains. However, PEPE still had a bullish market structure, so an extra upswing to $0.000013 could yield 21% more gains.In such a scenario, the channel’s mid-range and range-low, alongside the 23.6% Fib placeholder, could be crucial for late buyers.Although bulls had the upper hand at press time, an unforeseen bearish scenario could drag PEPE 25% based on liquidation levels.So, a massive drop could push the price into the $0.08 area, coinciding with the 23.6% Fib placeholder on the price chart.
So, PEPE could rally an extra 20% if bullish sentiment persists. However, a 25% pullback can’t be overruled if market conditions turn bearish.Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.Subscribe to get it daily in your inbox.
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