Pepe Price Prediction as PEPE Drops 12% From Recent Peak – Time to Buy the Dip?
The Pepe (PEPE) price has been pulling lower since hitting fresh record highs earlier this week. Traders are wondering whether now might be the time to buy the recent dip, as PEPE has dropped 12% from its peak.
Pepe spiked up to new record highs above $0.000011 earlier this week following GameStop icon Roaring Kitty’s abrupt return.
The legendary retail investor was a leading figure in the 2021 meme stock rally.
And his return to X for the first time since 2021 on Monday injected momentum into meme stocks and meme coins.
pic.twitter.com/YgjVqtgcNS
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
But the Pepe price has since dropped back to just over $0.00010.
Chart analysis suggests that it might be too soon to buy into PEPE’s latest pullback. Here’s why.
Despite the latest pullback, the Pepe bulls are still in control of the market.
The meme coin continues to trade well above its major short-term moving averages, which have acted as support.
Pepe also broke out of an ascending triangle structure earlier this week.
Traders looking to go long might want to wait for the Pepe price to retest the upper bounds of this ascending triangle before placing their bets.
Indeed, $0.00000920 will likely offer very strong support for the price.
Pepe’s market cap of just under $4.3 billion suggests that there is plenty of room left for the meme coin to run higher in this bull market as it grows in popularity.
Pepe bulls will hope the meme coin can one day rival Dogecoin (DOGE) and Shiba Inu (SHIB).
These top meme coins have respective $21.9 billion and $14.6 billion.
Dogecoin’s official Twitter has 3.9 million followers, and Shiba Inu has 3.8 million.
By contrast, Pepe has 650,000 followers, so it still lags by some distance in terms of popularity.
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