The Pepe price has plunged 9% in the last 24 hours to trade at $0.00001319 as of 4:03 am EST on a 116% surge in trading volume to $1.38 billion.
This comes as the meme coin market dipped 8% in the last 24 hours to a market capitalization of $58 million.
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However, the frog-themed token features among the top three meme coins by market capitalization alongside Dogecoin (DOGE) and Shiba Inu (SHIB).
As the memecoin is experiencing a dip, various investors have decided to take advantage of the opportunity and add $PEPE to their wallets. According to data from the on-chain analytics platform, Whale Alert shows Nascent (a team of builders who back early-stage crypto founders) accumulated 447.67 $PEPE worth $5.85M after the price dropped.
Nascent(@nascentxyz) bought 447.67B $PEPE ($5.85M) after the $PEPE price dropped.https://t.co/xqW0EhCNEj pic.twitter.com/sbiNBOrWya
— Lookonchain (@lookonchain) June 8, 2024
‘’Dips Dont Last, Smart Money Buys $PEPE’’
With a $5.5 billion market capitalization at the time of writing, Ian on X, who recently gave a $4 billion increase by June 22, has noted that the dips don’t last, and smart money buys $PEPE.
During a bull run, the dips don’t last long. Smart money is buying $PEPE. pic.twitter.com/qCcvOO9QX3
— ian (@slyamateur) June 8, 2024
Interestingly, Pepe coin has already exceeded market expectations, reaching new all-time highs and surging to unprecedented levels during this year’s bull cycle.
Read More: PEPE Rallied 22% As Bullish Momentum Rises on Potential Coinbase Listing
Will The Bulls Break Out Above the Bullish Pennant?
Pepe’s price has been on a tear in the last month. However, the bulls managed to fly the price through a markup phase to hit its ATH of $0.00001725.
Pepe has been fluctuating within a range in a bullish pennant pattern as the bulls failed to reclaim the high.
This comes after Pepe experienced a few days of decline from its recent all-time high. However, PEPE is now displaying signs of bouncing back. If the bulls break out on the upper boundary of the bullish pennant, PEPE could soon be on track to test its ATH again.
Don’t Miss: Best 3 Meme Coins to Buy in June 2024 – Dogecoin, Dogwifhat, Pepecoin
Pepe Price Prediction
However, the technical indicators favour the bears. The Pepe price has recorded a series of lower highs, signifying bearish sentiment in the PEPE market. The position of the Relative Strength Index (RSI) below the mean level of 50 is also concerning, tilting the odds in favour of the bears.
Worsening the outlook for the Pepe price, the Moving Average Convergence Divergence (MACD) is not only in negative territory but also below the signal line (orange band). This means that the long-term moving average is above the short-term moving average, typically indicating a bearish momentum in the Pepe price.
If the bears sustain the bearish pressure, Pepe could breach the lower boundary of the pennant, pushing the token’s price to the next support zone around $0.00001120.
However, if the bullish grip on the Pepe price strengthens as the bulls look to refresh, the Pepe price could provide another buying opportunity around the $0.00001400 threshold before the next leg up.
In an inverse scenario, the bulls may utilize the $0.00001400 current support, pushing PEPE towards the upper boundary and to a new ATH at $0.00002150 in the coming days.
Bottom Line
As the popular meme coin struggles to return to its new ATH, $PEPE may take a leading role in the crypto market once it bounces back. Investors are closely watching PEPE’s price to find good entry opportunities for making handsome returns on investment.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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