Pepecoin has experienced a period of consolidation after a significant surge that resulted in the asset reaching a new all-time high. Within the Ethereum ecosystem, the memecoin continues to outperform others of its kind. It exhibited substantial volatility during notable events in the crypto space, including the approval of EFT.
Following the approval on May 23, PEPE experienced significant gains and emerged as one of the top gainers among Ethereum products.
In the days leading up to the milestone, PEPE’s value surged by over 40%. For instance, on May 20, it commenced trading at $0.0000091, reached a peak of $0.0000114, and closed with gains exceeding 24%.
Subsequently, during the next intraday session, it achieved a high of $0.000014, registering gains of over 20%. Following minor corrections, the coin resumed its upward trend and eventually hit a new all-time high of $0.000017.
After this surge, the coin has entered a consolidation phase, with bullish sentiment aiming to accumulate and build momentum.
As the Ethereum ecosystem experiences increased activity, the cryptocurrency is poised for further price fluctuations.
The latest development involves a partnership between the ETH Foundation and Aztec, Polygon, Scroll, Taiko, and zkSync to enhance research through grant rounds on the blockchain.
Current Price Trend
The cryptocurrency in question has experienced a decline since its all-time high (ATH), losing over 14% within three days of reaching that milestone.
This downtrend commenced with prices at $0.000016 and continued until the coin rebounded at $0.000013, establishing a horizontal trading channel above the $0.000014 level.
However, on June 7, the coin experienced a significant drop, breaking through the support level and reaching a low of $0.000011 before rebounding. Despite this rebound, the asset ultimately closed with losses exceeding 10%.
Following this substantial decline, the coin has occasionally surged above $0.0000129 but generally resumed trading within the horizontal channel. It reached a high of $0.000012, testing the $0.000010 support level. Currently, it is down by over 4% and may be headed for a retest of the $0.000010 support.
The coin has lost its 50-day exponential moving average (EMA), suggesting a potential retracement to test the 100-day EMA at $0.000010.
Nevertheless, it is currently trading near the 50% Fibonacci retracement level. Significant demand is observed at $0.0000114, which is contributing to a slight recovery from the decline.
The elongated wick of the latest candle reinforces the previous observation. The token retraced from a high of $0.000012 due to substantial selling pressure. This increased pressure is further confirmed by the relative strength index (RSI), which has retraced from 49 to 46.
