Is The Bottom In For The Meme Coin?
PEPE coin price has retested its early May lows and is currently having a strong bounce. In my last analysis, I precisely predicted the downside move via advanced technical analysis. The latest analysis shows that the price must hold the $0.00000100 level or things may get pretty ugly from here.
Memecoin PEPE surged 16.5% on Tuesday. This was after a 16% drop on Monday when the Bitcoin price tanked below $25,500. At the time of writing, the popular meme coin is trading at $0.00000116, which is 76% below its May 2023 all-time high.
Will PEPE Coin Recover?
The negative price action of PEPE isn’t surprising at all. The launch of many new meme coins has diluted the demand for PEPE. One meme coin that has gained a lot of hype is the Milady meme coin or LADYS. After launching just two weeks ago, LADYS is giving PEPE a run for its money. Consequently, investor interest in PEPE has significantly decreased in the past few weeks.
Another major factor of price decline is the Binance listing which has allowed many early investors to exit at very high prices due to increased liquidity. The current market cap of PEPE coin is $483 million. At its all-time high, the market capitalization stood at $1.8 billion.
PEPE Coin Price May Surge Soon
As mentioned in the last PEPE price analysis, its chart shows the formation of a symmetrical wedge pattern. The technical analysis reveals the measured target of this move is the $0.000000640 level which is almost 50% below the current price. Currently, the price is getting a strong rebound from its $0.00000105 support level.
PEPE coin price prediction will become extremely bearish if it falls below $0.00000100 once again. Considering the chart, I expect the ongoing bounce to result in a strong relief rally above $0.00000150. The meme coin season also appears to be at its final stages, as the newly launched meme coins aren’t getting that much hype anymore. Therefore, you must manage your risk before trading these volatile assets.
I’ll keep posting my updated PEPE price analysis and upcoming 1000x gems in my free Telegram group, which you are welcome to join. I also post my personal trades in this group.
