Pepe Price Prediction as PEPE Slumps 9% in 24 Hours – Should You Invest Today?
The PEPE price has dived by 9% today, falling to $0.056866 as the cryptocurrency market suffers a 3% loss in the past 24 hours.
Despite this fall, PEPE remains up by 7% in the past week and by 22.5% in the last 14 days, although the meme coin has dropped by 14% in a month.
Yet it’s arguable that all such losses do is provide traders with the opportunity to buy the token at a relative discount, with PEPE still sitting on an impressive 2,000% gain in a year.
This signals the considerable medium- and long-term momentum PEPE commands, with the token potentially on course to enjoy more rallies in the near future.
PEPE’s chart and indicators are in a very weak position today, yet the implication of this is that things should pick up soon.
The coin’s relative strength index (purple) has collapsed to 30 this morning, putting it in an oversold position from where it would normally recover.
At the same time, PEPE’s 30-day average (orange) is falling towards the 200-day (blue), with the shorter term average very close to falling below its longer term counterpart.
Once it does fall below, PEPE will be selling at a significant discount, meaning that buyers may return to the coin and begin pushing it up again.
It’s encouraging that the meme token’s 24-hour trading volume remains fairly elevated, with its current level of $600 million representing a more than 750% increase over the last three months.
This suggests that interest remains in PEPE, which enjoyed a spike last week thanks to Coinbase International launching perpetual futures trading for the token.
@CoinbaseIntExch will add support for Pepe perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of our 1000PEPE-PERP market will begin on or after 9:30am
Read more on cryptonews.com
