Pepe Price Falls Almost 5% But Could This Be the Best Meme Coin to Buy After Raising Over $1.6m
The post Pepe Price Falls Almost 5% But Could This Be the Best Meme Coin to Buy After Raising Over $1.6m appeared on BitcoinEthereumNews.com.
The price of the popular meme coin Pepe (PEPE) has fallen almost 5% in the past 12 hours, hitting the $0.00000117 level. Since reaching Thursday’s high of $0.00000145, PEPE has sharply declined, pulling back by 18% overall. Given PEPE’s sudden bearish turn, meme coin investors are looking elsewhere for high-potential projects – with Meme Kombat (MK) emerging as an intriguing opportunity during its presale phase. Technical Analysis Shows PEPE Facing Key Support Levels From a technical perspective, PEPE appears to be heading back to the $0.00000107 level, which acted as support on November 3. Moreover, the price is rapidly nearing the 50-day exponential moving average (EMA), potentially serving as dynamic support. PEPE has traded above this EMA since October 23, indicating that the medium-term trend is bullish. As long as PEPE stays above this indicator, investors might view this as a sign of strength, suggesting the potential for a rebound. According to CoinMarketCap, PEPE trading volume has dipped 12% in the past day to $126 million. This decline has positioned it as the fourth most-traded meme coin globally, behind DOGE, SHIB, and MEME. Etherscan.io data also shows that the number of unique wallet addresses holding PEPE has stagnated recently. All of these factors suggest a cautious market sentiment towards PEPE. Twitter Analysts Believe Long-Term PEPE Outlook Remains Bullish Notably, there has been no clear catalyst for PEPE’s recent pullback. Therefore, the most likely reason for the drop has been profit-taking from speculative investors who bought PEPE on the way up. This profit-taking trend often occurs after a significant price surge as traders look to capitalize on short-term gains. Thus, PEPE’s recent price action reflects trader sentiment more than fundamental changes in the token’s value or utility. Interestingly, some prominent crypto analysts are still optimistic about PEPE’s long-term prospects. For instance,…
Filed under: News - @ November 13, 2023 1:12 pm