Is it Too Late to Buy PEPE? Pepe Price Slumps 3% as Whales Show Conviction in the Token
The Pepe price has slipped 3% today, with the PEPE/USD trading at $0.0000114. Notably, its 24-hour trading volume has plummeted 8% to $549.9 million, suggesting a fall in market activity. This comes as the crypto market dumps, its market capitalization down almost 1% to $2.3 trillion.
According to Brian Garrett, the founder and CEO of Futurestar, Pepe is the most traded meme coin in the world daily. Meanwhile, investors are stacking Pepe for the next run as whales show their conviction in PEPE.
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Price might not be pumping today but whales are still showing their conviction in $PEPE the smart money is stacking up for this next run 💰 pic.twitter.com/zs2o4iAZPt
— Brian Garrett (@BrianGarrett) July 30, 2024
On the other hand, investors are looking for bullish action in the Bitcoin price as it attempts to recover towards the $67,000 mark. This recovery could trigger a broader market rally, including for PEPE.
$PEPE || Poised
Price is consolidating within a range (marked by the shaded gray areas) This is occurring above the 4-hour 21 EMA band and the 4-hour 100 EMA, indicating strong support within this range. Looking for bullish action – subject to $BTC price action. pic.twitter.com/c37AOfG0BC
— MO (@trader1MO) July 29, 2024
Pepe Statistical Data
Based on CoinmarketCap data:
- PEPE price now – $0.0000114
- PEPE market cap – $4.8 billion
- PEPE total supply – 420.69 trillion
- PEPE circulating supply – 420.69 trillion
- PEPE ranking – #23
Pepe Price Set for an Upward Movement
The Pepe price attempted a rally in mid-July. However, early profit booking, mainly by adopters, weakened the uptrend, resulting in a significant decline. The bulls and bears engaged in a tug-of-war to control the token’s technical outlook. As a result, PEPE consolidated within a narrow range between support at $0.00001107 and resistance at $0.00001287. However, Pepe still remains an attractive investment. The traders and investors could buy the token at roughly half the price at its all-time high (ATH). This could build momentum ahead of the anticipated breakout.
To start with, Pepe trades slightly below the 50-day (green) SMA with $0.00001189, suppressing the bulls against upward movement. However, the 200-day SMA is giving the bulls immediate support at $0.00001084, which may enable the price of Pepe to surge.
In the same way, the Relative Strength Index (RSI) has hurtled from the 30-oversold region. It currently sits at 41, hurtling towards the 50-mean level. Increased buying pressure could cause the RSI to jump to the mean level, invalidating the bearish sentiment.
Moreover, the MACD indicator crossed below the signal line (orange band), suggesting a bearish momentum. As the momentum indicator gradually descends below the mean line (0.00) into the negative region, the path with the least resistance stays on the upside.
Will the PEPE Bulls Break Out of the Consolidation Phase This Week?
In the 4-hour chart analysis, the Pepe price is consolidating within a range. This moving period between horizontal support and resistance levels may act as an accumulation period before the bulls initiate a strong move upward. With the RSI and MACD showing that the asset is currently undervalued, buyers may take this as a buying opportunity, which could push the price of Pepe up. If the bulls increase their buying appetite at this level, the Pepe price could break out of the consolidation phase to $0.00001600 this week.
Conversely, the token’s price may drop if the sellers dominate the market at this level, supported by the technical outlook. In such a case, the bears may breach the $0.00001107. This may lead to the Pepe price retesting the $0.00001083, which coincides with the 200-day SMA.
Learn More
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- Pepe Coin ($PEPE) Price Prediction 2024, 2025, 2030, 2040
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Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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