Pepe Price Prediction: Bullish Momentum Builds After Range Breakout
The PEPE price has dropped by 1% today, slipping to $0.00001202 as the crypto market as a whole rises by 0.5% in the past 24 hours.
The meme coin remains up by 25% in a week and by 32% in a fortnight, while it also boasts an enviable 685% gain in a year.
In fact, PEPE has reached an all-time high more recently than most other top-100 coins, with the token climbing to $0.00001717 at the end of May.
And with its price breaking through a short-term resistance level, it looks like it could beginning challenging this record high before long.
What you can see from Pepe’s chart is that, last week, its price broke away from the narrow $0.0000085 – $0.0000095 range it had been trading in for a few weeks.
Its overall picture is therefore much more bullish at the moment, even if its indicators have taken a hit this morning with today’s drop.
For example, its 30-day moving average (orange) has begun falling towards the 200-day (blue), suggesting that we may see a little correction over the next day or so.
Likewise, PEPE’s relative strength index (purple) has fallen from 60 last night to 40 today, and while it has stabilized a little, more drops could be coming.
Yet with a trading volume of around $1.2 billion, any drop today or tomorrow may be short-lived, given the ongoing interest in the meme token.
Recent days have seen whales withdraw significant sums of PEPE from exchanges, signalling a belief that the coin has more gains in store in the near future.
Nascent(@nascentxyz) swapped $MKR positions for $PEPE and $LDO.
Nascent deposited 1,215 $MKR($3.41M) to #Binance 6 hours ago and then withdrew 141.23B $PEPE($1.57M), 281K $LDO($503K) and 3.4M $USDT from $Binance.
Nascent currently holds 608.85B $PEPE($7.49M).… pic.twitter.com/Sx1WyGFqt7
—
Read more on cryptonews.com
