Pepe Price Analysis: PEPE Plunges 5% As a Bullish Breakout Could See Bulls Eye $0.00001026

The Pepe price has slipped 5% today, with the meme token’s fall to $0.000008157 coming as the whole crypto market has lost around 4% in the past 24 hours. The meme coin sector is notably down about 4% to $40 billion. The frog-themed meme coin, however, boasts a 43% increase in its 24-hour trading volume to $720.8 million, suggesting intense market activity.

Moreover, PEPE has risen 25% in the past week and 505% in a year, underlining its credentials as one of the fastest-growing meme tokens in the market. Given that the token has given few discounts in the past couple of weeks, it should rebound vigorously very soon. Meanwhile, crypto traders and investors are bullish on the meme coin, as a breakout would lead to early profits. 

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🚨 $PEPE/USDT ALERT 🚨$PEPE has been consolidating for the last 5 hours, with strong support at $0.00000762 and resistance at $0.00000814. Watch closely, a breakout could lead to profits.

Current Price: $0.00000785
Resistance: $0.00000814
Support: $0.00000762 #PEPE… pic.twitter.com/bbwFQwoR4z

— BullishBanter (@bullishbanter01) August 12, 2024

The rise in PEPE’s trading volume shows intense activity among traders, suggesting confidence in the market. Moreover, data from Into The Block indicates that 53% of PEPE holders are in profit at the current price levels.

This is a significant bullish signal as it reveals that the price may rebound amid this strong support from traders.

Pepe Statistical Data

Based on CoinmarketCap data:

• PEPE price now – $0.000008157
• PEPE market cap – $3.39 billion
• PEPE total supply – 420.69 trillion
• PEPE circulating supply – 420.69 trillion 
• PEPE ranking – #24

The frog-themed memecoin has kicked off the week on the red zone, as the odds favor the bears. The Pepe price dropped in August to as low as $0.000005969. The bulls then used this support to push the price of PEPE through a markup phase to the $0.000008782 resistance. However, it has retested its lower trendline of the ascending triangle, currently at $0.000008157. 

The technical outlook paints the big picture bearish, as the PEPE price trades below the 200-day(blue) SMA. However, the bulls have flipped the 50-day (green) SMA into support at $0.000008031. Increased buying pressure will see the bulls conquer the next resistance level at $0.00001026, which cushions against upward movement.

The Relative Strength Index (RSI) also sits below the 50-mean level, currently at 48. However, if bulls capitalize on the accumulation, they could push the Pepe price by adding to their position. This could show that the RSI hurtled toward the 70-overbought zone. 

The Moving Average Convergence Divergence (MACD) indicator shows a looming sell signal. This has been executed as the MACD indicator(blue) has crossed below the signal line (orange), suggesting a shift in momentum. The MACD histograms also flash red, suggesting a budding bearish sentiment in the PEPE market. 

PEPE Price Prediction

According to the 4-hour chart analysis, if the bulls take charge and buy more, the Pepe price could breach the upper boundary of the ascending triangle. This could push the frog-themed memecoin up, as the bulls target the $0.00001026 resistance. 

Conversely, the Pepe price still trades below the 200-day Simple Moving Average (SMAs). Moreover, the 50-day and 200-day SMAs have formed a death cross at around $0.00001061. A death cross and the price under the SMA indicate that the PEPE price could still go through a correction. In such a scenario, if the bears push the token below the lower boundary of the pattern, PEPE could drop to the $0.000007628 support level. 

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