Pepe Price Prediction: Can It Recover After 51% Decline from Recent Peak?
As the cryptocurrency market continues to exhibit its characteristic volatility, the popular meme coin Pepe ($PEPE) finds itself in a risky position, having experienced a sharp 51% decline from its May 27 peak.
This downturn has left investors questioning the token’s ability to recover and searching for alternative opportunities in the high-risk, high-reward meme coin space.
PEPE price action has taken a bearish turn following its all-time high of $0.00001718. The meme coin has suffered an intense pullback, plummeting by 48.33% as it currently trades at $0.00000911, breaking below the critical $0.000010 psychological support level.
The decline has established a downward trend, raising concerns among investors and traders alike.
The Relative Strength Index (RSI) has failed to retest its midpoint, signaling a lack of buying pressure, which has pushed the meme coin towards oversold territory, putting sellers in control.
Additionally, the bearish convergence displayed by moving averages indicates that $PEPE may continue to lose momentum in the coming week.
While optimists might hope for a bullish resurgence to test the upper resistance level of $0.00001410, the prevailing bearish sentiment suggests that the PEPE price could potentially plunge further towards its recent low of $0.00000880.
$PEPE Price Analysis: Decision Time for Meme Coin, 26% Gains or 20% Losses
The price of Pepe had just broken out of a falling wedge and was retesting the top trendline of the falling wedge before heading toward $0.00001720, the previous all-time high price. pic.twitter.com/4TtlhmJ8A8
— Dendy (@tutdenizka) July 8, 2024
Additionally, the 10.85% drop in intraday trading volume, which highlights traders’ loss of interest, compounds Pepe’s struggles.
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