Pepe Price Analysis Shows Strong Bullish Momentum Amid Bitcoin Drop
The value of PEPE saw a decline of 10.4% over the past 24 hours, settling at $0.000008358 during European trading hours on Monday. This drop is in line with Bitcoin’s own price decrease, which contributed to an overall 4.7% reduction in the crypto market cap at the time of reporting.
However, despite these fluctuations, the Pepe price chart displays indications of potential bullish movements that could propel this meme coin to new levels or, at the very least, shield it from significant losses in the midst of the current market volatility.
PEPE price encountered a false breakout on the daily timeframe chart shortly after Bitcoin’s price fell below a crucial support level. This meme coin, operating on the Ethereum blockchain, was among the top-performing meme coins, influencing Bitcoin’s notable shift. Pepe’s price recently broke out of a descending wedge pattern and was retesting the upper trendline of this pattern before potentially reaching $0.00001720, its previous all-time high.
Following Bitcoin’s downturn on July 1, 2024, PEPE has experienced a 30% decline to its current valuation. Notably, PEPE’s price remains above the 200-day simple moving average (SMA), instilling a sense of optimism among market participants.
Presently, PEPE sits at a relatively weak support level around $0.00000773. If bullish momentum prevails, the coin could rise by 26% to reach $0.0001108, aligning with the 50-day SMA. Conversely, a downside scenario could lead to a 20% drop, potentially finding support at $0.00000650.
The 14-day relative strength index (RSI) for PEPE stands at 34, just above the oversold threshold. A potential slide into oversold territory could increase selling pressure, potentially pushing the price down to the $0.00000650 support level. However, the current RSI level suggests significant upside potential if market conditions shift favorably.
Data from Santiment and Etherscan reveals a 5.76% increase in PEPE holders over the last month and a marginal 0.01% rise in the past 24 hours, indicating ongoing accumulation despite price declines. Crypto traders on X (formerly Twitter) express bullish sentiments towards PEPE, citing the growth in holder count as a positive indicator for the asset.
While Bitcoin’s market dominance continues to weigh heavily, with a 51% share, meme coins like Pepe face challenges in breaking free from this influence. Nevertheless, Pepe coin has displayed resilience amid Bitcoin’s decline, showcasing its unique market dynamics and attracting interest from traders seeking alternative investments amidst broader cryptocurrency market fluctuations.
