Pepe Price Prediction as $600 Million Trading Volume Floods In – Here are Key Levels to Watch
The Pepe price has dived by 5% in the past 24 hours, dropping to $0.000007364 as the crypto market gains by 1% today.
PEPE is now up by 1.5% in a week but down by 17% in a month, as well as by 31% in relation to its all-time high of $0.00001064, which it set on March 14.
While it has corrected in recent weeks, its trading volume remains encouraging, having risen from $240 million a couple of days ago to just over $600 million today.
It could therefore experience another significant rally in the coming days, as traders take the opportunity to buy it at a relative discount.
PEPE has begun correcting after a few days of decent gains, so it’s only a matter of time before it rebounds again.
In fact, its relative strength index (purple) has halted a dive towards 30 and has just pointed upwards again, a potential sign that the recovery may come later today.
However, its 30-day average (orange) has only just recently begun falling, so it may not be until it has dropped some way below the 200-day (blue) that the coin rallies.
Its support level (green) has held up well in recent days, so even if the Pepe price does lose a little more value in the near future, it shouldn’t lose too much.
This view receives some support from the coin’s trading volume, which at $600 million signals some sustained interest in the token.
Having said that, this is still some way from the levels – e.g. reaching $3 billion in volume – it enjoyed in March, when it broke its ATH.
As such, PEPE will probably need to wait for the wider market to get into gear again before it can post some decent returns.
This could happen sooner rather than later, given that the market is gearing up for the next Bitcoin halving, which will take place on April 20.
Historically, the
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