Pepe Price Set for a Boost? $300 Million Absorbed at Support Level Overnight

cryptonews.com:

Pepe Coin (PEPE/USDT) is drawing significant attention after $300 million was absorbed at a crucial support level overnight. Despite a recent dip, investors are optimistic about a potential rebound.

Currently trading at $0.0000113, the coin’s market capitalization stands strong at $4.7 billion. With technical indicators suggesting an oversold condition, the Pepe price prediction points to a possible price increase as the market stabilizes.

After VanEck posted an intriguing frog meme on X (formerly Twitter), which featured a frog taking center stage among other animals at a board meeting, the price of Pepe Coin significantly impacted.

The post, captioned “Important topics were discussed at the board meeting,” sparked significant interest and speculation within the cryptocurrency community. Nevertheless, fueled by the social media buzz, the coin quickly rebounded and surged by about 11% over the past week.

While a Pepe Coin ETF remains unlikely in the near future, VanEck’s engaging post has clearly lifted spirits in the Pepe meme community, suggesting a potential for continued interest and investment in the coin.

Pepe (PEPE/USDT ), a popular memecoin, is currently experiencing a price correction. On Sunday, it traded at $0.0000113. Despite a nearly 4.50% decline in the last 24 hours, the coin’s market capitalization remains substantial at $4.7 billion.

While the current price trend is downward, an upward trendline is providing support near the $0.00001085 level. This suggests that the decline may be temporary, and a rebound could be on the horizon. Technical indicators also offer some optimism.

The Relative Strength Index (RSI) is currently at 40, signalling that the coin is oversold, which often precedes a price increase.

Howev