Pepe Price Prediction: $800 Million Volume Pushes PEPE into the Red – Is More Trouble Ahead?
Down 6.5% in the past 24 hours as per CoinMarketCap, the Pepe (PEPE) price is at risk of falling further in the days and weeks ahead, chart analysis suggests.
Trading volumes exceeded $800 million for a fifth successive session on Friday, as per Yahoo Finance data.
The Pepe price has been in a downward trend channel since reaching its local price peak above $0.000017 in May.
It also recently broke below its 50DMA and found resistance when retesting it. The 21DMA has also been acting as resistance.
Chart analysis points to downside risks for Pepe. And a broader market decline as Bitcoin (BTC) suffers from US ETF outflows adds to downside risks. More trouble may well lie ahead.
Yesterday's ETF flows were negative for $139.9 million.
Fidelity had $51.1 million outflow, Bitwise $31.5 million and GBTC $53.1 million.
Price keeps grinding down.
News came out yesterday that Germany started selling the Bitcoin that they stole from a movie streaming website.… pic.twitter.com/B0DK3wOWt8
— WhalePanda (@WhalePanda) June 21, 2024
But many traders will be looking for an opportunity to buy the Pepe price dip.
Pepe price dips below $0.000010 may be short-lived. That’s because Ethereum ETFs are likely to launch in the USA this summer.
UPDATE: we are moving up our over/under date for the launch of spot Ether ETF to July 2nd, hearing the Staff sent issuers comments on S-1s today, and they're pretty light, nothing major, asking for them back in a week. Decent chance they work to declare them effective the next… https://t.co/XJZ8JLwEFF
— Eric Balchunas (@EricBalchunas) June 14, 2024
That could spur a new influx of institutional liquidity into the Ethereum ecosystem. And leading Ethereum meme coins like Pepe stand to be some of the biggest beneficiaries of
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