PEPE Price Dips: Is a 25% Drop or Rally on the Horizon?
Release: 2024/05/24 19:14 Reading: 621
The post PEPE Price Dips: Is a 25% Drop or Rally on the Horizon? appeared first on Coinpedia Fintech News
The frog-themed crypto project Pepe (PEPE) remains the most sought-after meme coin. The mid-cap altcoin, with a market capitalization of about $5.795 billion, had the highest daily traded volume of about $2.624 billion in the meme coin industry. The prior spot Ethereum ETF hype triggered a notable rise in Ether-based altcoins.
However, the approval of eight spot Ether ETFs in the United States on Thursday has turned out to be a classical sell-the-news event. Moreover, the total crypto market cap has since dropped around 4 percent in the last 24 hours to about $2.63 trillion.
Pepe Price at a Crucial Crossroads
According to the latest crypto data, Pepe's price dropped around 6 percent in the last 24 hours of trading at about $0.0000136 on Friday during the mid-London session. Consequently, Pepe's price against the US dollar must defend the lower bottom of a bullish flag to avoid further capitulation over the weekend.
$PEPE Trading Alert #PEPE is currently at a critical support level of $0.000014. If it loses this support, we could see a potential 25% drop. Keep a close watch on this level. As long as PEPE/USDT stays above this support, a bullish move is likely to continue.
Support… pic.twitter.com/KDZUvyZMHP— Crypto Patel (@CryptoPatel) May 24, 2024
According to a popular crypto analyst alias Crypto Patel, Pepe's price could drop as much as 25 percent if the bulls do not establish dominance now. In case of a sustained crypto bearish outlook, the analyst has set the next major support levels for Pepe at around $0.000010.
On the other hand, Pepe's price could rally as much as 25 percent towards $0.000017, which coincides with the 2.618 1-hour Fibonacci Extension.
Why Bet on Pepe?
The meme coin industry will largely dominate the ongoing crypto bull market after showing impressive performance in the past few months. The frog-themed meme coin takes pride in notable institutional support including Coinbase and Binance listing. As of this writing, Pepe had around 227k holders according to on-chain data.
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