Is the Pepe-Mania Over? What’s Stopping PEPE Price to Reach $0.0001?
Release: 2024/07/15 20:46 Reading: 813
Is the Pepe-Mania Over? What's Impeding PEPE's Price from Reaching $0.0001?
Bitcoin's resurgence over the past weekend, with prices surging by more than 8%, has seen memecoins like PEPE follow suit. However, PEPE's progress has been hindered, with its price remaining below the crucial $0.00001 resistance level.
This suggests that bearish forces continue to exert influence over the rally. Does this indicate that major tokens have overshadowed the memecoin craze?
Since PEPE's departure from a bullish pattern, upward momentum has been limited, leading to a range-bound movement. The question arises: when will PEPE reclaim $0.0001?
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Following rejection at approximately $0.00001125, PEPE has stabilized around $0.00000925 for over a week. Despite a minor rebound, the Ichimoku cloud remains bearish, signaling a potential extended consolidation period.
The DMI, while currently neutral, is expected to turn bullish in the near future. Until then, PEPE's price action is likely to continue along a similar trajectory.
Despite the anticipated bullish trend, the memecoin craze does not appear to have eclipsed major tokens. Bitcoin's increasing dominance suggests that investors are gravitating back toward the market leader, limiting liquidity for altcoins and memecoins.
Therefore, until a major bullish event, such as the spot ETH ETF launch, PEPE's price will likely remain consolidated within its current range. However, if markets turn bullish post-launch, PEPE could surge and secure a position above $0.00001.
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