Pepe Price Forecast as Technical Analysis Points to Massive Breakout – 50% Surge Incoming?
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The Pepe price has dipped by 5% today, falling to $0.000009986 as the wider cryptocurrency market drops by 2.5% in the past 24 hours.
Most major cryptocurrencies are correcting after a strong start to the week, although Pepe remains up by 7.5% in a week and by 35% in the last 30 days, with the meme coin also boasting a 1,300% increase in the past year.
Not only do such percentages find Pepe outperforming most other top-100 tokens, but the coin’s technicals today suggest that it’s on the brink of rebounding strongly, and perhaps even breaking out.
After a significant rally at the start of the week, Pepe has returned to an oversold position from which it should rebound yet again, as we saw last week.
Its relative strength index (purple), for example, has just bottomed out at around 30 and looks like it’s about to begin rising again.
Having said that, we may need to wait for PEPE’s 30-period moving average (orange) to drop below the 200-period average (blue), which is the conventional sign of a bottom.
What’s also encouraging in this respect is that Pepe’s trading volume is at around $1.7 billion today, a sign of strong demand.
Indeed, we have witnessed a few significant PEPE buys in the past week or so, with one whale withdrawing 101 billion PEPE from Binance at the end of last week.
A whale withdrew 101.8B $PEPE($1.01M) and 83.36B $SHIB($1.48M) from #Binance in the past 20 minutes.
The whale currently holds 964.17B $PEPE($9.53M) and 456.62B $SHIB($8.07M).https://t.co/OcWKqsL14L pic.twitter.com/xH1PpvaPkr
This follows other similar buys
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