PEPE price analysis: During European business hours on Monday, PEPE traded at $0.000008358, a 10.4% drop from the previous day. This follows Bitcoin’s price decline, which may have resulted in a 4.7% decrease in the total crypto market capitalization at press time.
Nonetheless, the Pepe price chart shows some signs of bullishness, which could catapult this meme coin to new heights or, at the very least, protect it from undue bleeding during these unpredictable market conditions.
Pepe Price Analysis: Decision Time for Meme Coin; 26% Gains or 20% Loss
PEPE price displayed a fake out on the daily time frame chart shortly after the Bitcoin price fell below a significant support level. The meme coin was one of the best-performing meme coins on the Ethereum network, which caused BTC to undergo a severe adjustment. Pepe’s price had just broken out of a falling wedge, and the top trendline had been tested before moving toward $0.00001720, the previous all-time high price.
Since Bitcoin’s collapse on July 1, 2024, PEPE has fallen 30% to its present price. Interestingly, the PEPE price remains above the 200-day simple moving average (SMA), stimulating market participants’ bullish confidence.
PEPE’s price is currently at a weak support level of $0.00000773. If the bulls triumph, PEPE might gain by 26% to $0.0001108, which aligns with the 50-day SMA. On the other hand, the meme currency may fall below a 20% decline, finding support at $0.00000650.
The PEPE 14-day relative strength index (RSI) stands at 34, barely four points above the oversold (OS) level. If it falls into this zone, the PEPE price may see additional selling pressure, propelling it down to the $0.00000650 support level. In contrast, an RSI of 34 implies that the meme currency has a significant upward potential if general market conditions shift.
Pepe’s Fundamentals Remain Bullish
According to data from Sentiment and Etherscan, PEPE holdings climbed by 5.76% in the last month and 0.01% in the previous 24 hours, indicating that despite declining prices, investors are accumulating the meme coin.
Crypto traders on X (previously Twitter) remain enthusiastic about PEPE, noting the significant increase in Pepe’s holder count as a positive sign for the cryptocurrency.
PEPE new ATH of 256,000 holders what’s crazy is the entire past couple of weeks that the market has been red the frog has kept growing it’s simply a matter of time until price action catches up and we have a major pump
Bitcoin’s price continues to fall, and with 51% market domination, meme coins like Pepe may have little chance of breaking away.
Bottom line.
Despite Bitcoin’s dramatic decrease, Pepe coin has shown surprising endurance, remaining bullish in a tumultuous market. This strength demonstrates the meme coin’s unique market characteristics, and signals increased interest from traders looking for alternate investments amid more considerable cryptocurrency volatility.
