Highlights:
- PEPE is trading between $0.00001288 resistance and $0.00001028 support
- PEPE’s price action is mainly due to Bitcoin’s correction in the last 24 hours
- Another Bitcoin rally could push PEPE to the weekly high of $0.00001724
The cryptocurrency market is experiencing a downturn today, with most coins, including PEPE, experiencing minor corrections. As of the time of writing, PEPE was down by 3.84%, trading at $0.00001183. This decline is attributed to the broader market correction driven by Bitcoin’s price movements.
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US Government’s Move Put the Brakes on July 29 Rally
Yesterday, Bitcoin saw a notable rally, reaching $70,000, following a speech by former President Donald Trump in Nashville. However, this surge was short-lived. Shortly after the rally, the US government moved $2 billion worth of Bitcoin, sparking speculation that they might be preparing to sell, which led to a market-wide correction. Bitcoin’s price subsequently dropped to $66,000. This downward trend has also impacted PEPE prices and other altcoins.
"Never sell your #Bitcoin."
July,2024 pic.twitter.com/E1yQaekPzo
— LANGERIUS (@langeriuseth) July 29, 2024
Despite the correction, Bitcoin has shown signs of recovery, increasing towards $67,000. This recovery could trigger a broader market rally, including for PEPE. Analysts are optimistic about PEPE’s prospects, especially considering its status as one of the most dominant meme coins in the market today.
PEPE: A Dominant Meme Coin with Potential
PEPE price influence in the meme coin space has drawn significant attention from analysts and investors alike. EllioTrades, a prominent crypto analyst, recently shared his insights on the future of meme coins. EllioTrades emphasized PEPE’s potential to lead the meme coin rally in the current crypto bullish supercycle. In a tweet on July 29, EllioTrades elaborated on his “Meme Coin Power Law Thesis,” stating:
“Thesis: when normies come, they will mostly bet on one or two ‘chosen memes’ which will capture 95%+ of flows (data = DOGE/SHIB in 2021). In my view, there are only two of these that qualify:
- $PEPE – rightfully so; this catalyzed the ENTIRE ‘meme supercycle’ thesis and happened organically. It’s the rightful heir to the memetic throne, listed on every major CEX, and thus, it is the most likely coin to dominate flows.
- $MOG – many fail to realize that MOG is the most original project in the meme space. It pioneered every marketing strategy in the market today and did it FIRST. The community is real and nuts and culty AF. The pit vipers stay on.
These two coins are the most likely to hit SHIB-style power-law runs in the coming bull run.”
EllioTrades’ analysis suggests that PEPE’s consistent performance in recent rallies positions it well for significant gains once Bitcoin resumes its upward trajectory. The thesis is grounded in historical data, reflecting the performance of DOGE and SHIB during the 2020/21 bull run.
PEPE Price Technical Analysis – PEPE Yet to Find Direction for the Day
PEPE price is oscillating between the $0.00001288 resistance and $0.00001028 support levels. The direction of Bitcoin’s price will play a crucial role in determining PEPE’s short-term movements.
Should Bitcoin regain momentum and surpass the $70,000 mark, the PEPE price could rally towards $0.00001724. Conversely, if Bitcoin’s price declines and PEPE falls below the $0.00001028 support, it could drop to $0.00000919.
Don’t miss: Pepe Coin ($PEPE) Price Prediction 2024, 2025, 2030, 2040
A Recap on PEPE Price
Despite the current downturn, PEPE remains a significant player in the meme coin market. Its widespread adoption and listing on major cryptocurrency exchanges boost its position as a leading meme coin. Analysts like EllioTrades believe that PEPE has the potential to capture substantial market flows during the next bull run. The overall market sentiment remains cautiously optimistic, though. Bitcoin’s recovery towards $67,000 is a positive sign. If Bitcoin continues to climb, it could lift the broader market, including PEPE.
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