PEPE coin price hits all-time high this week

Ignite PEPE Coin Price Bullish sentiment reignited among investors on Wednesday after a significant rise in the charts. This has given hope to a certain group of investors that profits will be made again.

However, broader market conditions are preventing memecoin from reaching a new all-time high.

Investors target $900 million

The price of PEPE has increased by 643% since the end of February, reaching an all-time high of $0.00001084. The highest level of the day reached $0.00000996. However, these gains were corrected over the past week until Wednesday's rally, which recovered some of the losses.

Trading at $0.00000835, the world's third-largest meme currency is poised to generate huge profits for its investors. Around 110 trillion PEPE tokens, worth nearly $900 million, are poised to generate volatile profits for their investors. The reason is that this offer was purchased at less than 20% of the all-time high.

Investors who purchased their stocks within this range are referred to as the “all-time high.” Currently, around 15,300 of these titles constitute the all-time record. These addresses represent 8.3% of all current addresses of PEPE holders, making their impact significant.

Given that these 15,300 addresses contain approximately 25.7% of the total circulating PEPE supply, their movement will likely influence the price direction of PEPE. Over the next few trading sessions, these investors will refrain from taking profits, which will push the same coin higher, potentially setting a new all-time high.

PEPE Coin Price Forecast: New All-Time High Next?

Pepe coin price is currently above an important support level set at $0.00000826, just above the 50-day exponential moving average (EMA). Therefore, the cryptocurrency will have a chance to reach a new all-time high, provided it does not break this support level.

However, what is worth noting is that PEPE is currently in the overbought zone. This is indicated by the elasticity index (EI). Additionally, the elasticity indicator measures the percentage difference between the current price and the exponential moving average (EMA). This helps traders identify potential overbought and oversold scenarios.

A gap above 50.0 indicates possible overbought conditions, while the same gap below -50.0 indicates oversold conditions. Currently, the EI is at 70.0, which indicates that the altcoin is currently in the overbought zone. This could lead to saturated bullish sentiment going forward. Which can lead to profit taking by other investors.

Therefore, invalidating the bullish thesis could lead to a larger correction in PEPE coin price, potentially returning to the daily support level of $0.00000630.