Pepe Price Prediction as PEPE Tumbles 12% – Time to Buy the Dip?
The Pepe price has fallen by 12% in the past 24 hours, with the meme token slipping to $0.00000124 as the wider market nurses a 2% loss today.
PEPE is now down by 14% in the last week and by 11% in the past fortnight, yet the coin has actually gained by 10% in a month.
It’s also up by more than 2,000% compared to its all-time low of $0.000000055142 (recorded in mid-April), and with the coin remaining popular as a vehicle for whales, its fall today may provide a good buying-the-dip opportunity.
PEPE has lost a serious amount of momentum in the past few days, with its indicators suggesting that it may be in the middle of a medium-term correction.
Most notably, its relative strength index (purple) has dropped below 50 today, having stood as high as 75 at the start of the month.
In addition, its 30-day average (yellow) has flattened out in recent days and looks ready to drop towards or below its 200-day (blue), meaning that a protracted fall may be on the cards.
A key level to watch is about $0.00000110, with this support level (green) vital if PEPE is to avoid further sustained losses.
It’s in this context that its declining trading volume, at around $70 million today, is concerning suggesting a big fall in market interest.
Having said that, PEPE has witnessed plenty of ups and downs this year, with the coin quickly becoming a favorite among manipulative whales since its launch in early April.
There hasn’t been much whale activity as of late, although Justin Sun did withdraw around $76,000 in PEPE a couple of days ago.
Justin Sun withdrew 127,510 $LINK($1.85M), 202,385 $STORJ($200K), 53.68B $PEPE($76.7K) and 13,904 $DYDX($43K) from #Binance 1 hour ago.https://t.co/gt2NZlnGc1 pic.twitter.com/akK7X2huVI
— Lookonchain (@lookonchain)
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