Elliot Wave and other reasons for an increase
Pepe's course has declined this week and has continued the sale, which started on May 22nd with a maximum of $ 0.00001620. The token fell to $ 0.00001070 in the course of the reinforced crypto sale.
Pepe Coin could recover in the coming days due to its strong technical data, such as the elliot-wave pattern, the whale purchases and the offer on the stock exchanges.
The Elliot-Wave pattern of the PEPE course indicates an increase
The day graphics show that the Pepe Coin course in March reached its low at $ 0.000005235 and then initiated a slow recovery that brought it to a maximum of $ 0.00001620.
He has now completed the first phase of the Elliot Wave, which ended near the 50% fibonacci retracement level.
Now he has formed a double floor pattern at $ 0.00001055, which marks the end of the second phase of the Elliot wave. This course is remarkable because it coincides with the 78.2% Fibonacci retracement level and the 200-day average.
The PEPE course will now go into the third phase, which is usually the longest. If this happens, the next point to observe is the 23.6% Fibonacci retracement level at $ 0.00002313, which is about 155% above the current level.
A case under the important support at $ 0.000080 would destroy the zinsbullische PEPE course forecast.
Read on: Ethereum course forecast because dealers switch to viral new coin
Pepe Coin has strong fundamental data
Pepe's possible increase in price will take place due to its strong fundamental data. First, Pepe is one of the most active meme coins in the crypto industry with a daily volume of over $ 1.78 billion, much more than $ 384 million from Shiba Inu.
Second, the on-chain data show that pepe investors have not sold the token despite its weak performance lately. The range of tokens on the stock exchanges has dropped to 103.8 trillion and is therefore below the previous annual high of 170 trillion.
Third, the offer for the top addresses that stand for the whales rose to 168.55 trillion tokens after it had reached a low of 163 trillion this month. Increasing stocks with these investors are a sign that they expect a price increase.
As the graphic shows below, the open interest and the MVRV indicator have moved down in the past few days. In most cases, crypto prices recover when the open interest in an asset drops and fall when it reaches its peak. The same applies if the market value for realized value (MVRV) falls.
Like us at this point have already written, the chances are good that the Ethereum Prize will eventually increase to over $ 4,000. In this article, a bullish flag pattern and a golden cross pointed out that indicate further price gains. The PEPE price will develop well when Ethereum is increasing because it is the second largest meme coin in the ecosystem.
Read more: Uniswap price in danger, as stock market reserves rise and jump off whales
