Pepe Price Prediction: PEPE Plummets 13% In A Week, But This Layer-2 Pepe Upgrade Races Towards $7 Million
Release: 2024/08/02 16:19 Reading: 369
Pepe Price Analysis
The Pepe price has experienced a 2% decline in the past 24 hours and a 13% drop in the last week, currently trading at $0.00001027 with a trading volume that has surged by 62% to $1 billion.
Despite bearish market indicators, IntoTheBlock data suggests that holders who purchased at the current price are experiencing a 73% profit.
Pepe Price Trend Reversal Analysis
Since July 16, the Pepe price has been consolidating within a range between $0.00001297 and $0.00001196, according to GeckoTerminal data. The bulls and bears have been competing for dominance, resulting in a sideways trading pattern.
However, yesterday, the bears gained momentum, pushing the price below the lower boundary of the range to the $0.000009994 support zone.
Since then, the price has recovered, but it remains below the 50-day and 200-day Simple Moving Averages (SMAs).
The Relative Strength Index (RSI) indicator aligns with the trend, rebounding from below the 30-oversold level to its current position of 32.
Bullish Scenario
The rising RSI suggests that buyers are gaining strength, recognizing the undervalued asset. If buying pressure persists, the Pepe price could continue its current surge, targeting the upper boundary of the consolidation phase at $0.00001313.
Bearish Scenario
However, given that the token is still trading below both the 50-day and 200-day levels, bears could regain control. In this scenario, Pepe could retrace back to the $0.000009990 support level, which should provide support and prevent further downward pressure.
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