Pepe Price Among Top Losers On Coinmarketcap With 10% Drop As Analysts Say Consider This Olympic Gem That Could 100X

Pepe Price Analysis

In the past 24 hours, the price of Pepe has plummeted 10%, bringing it down to $0.000007725 as of 2:30 a.m. EST. This drop has been accompanied by a surge in trading volume, which has increased by 92% to $1.5 billion.

Technical Analysis

The PEPE/USD daily chart displays the continuation of the Falling Wedge pattern, a sign that is generally considered bullish. Currently, the price is consolidating near the lower trendline of the pattern, suggesting a potential upward breakout.

The support zone around $0.0000007710 has remained strong, indicating buying interest and preventing a further decline.

Pepe is currently trading below both the 50-day Simple Moving Average (SMA) at $0.0000009522 and the 200-day SMA at $0.0000008725. While the 50-day SMA acts as resistance, the 200-day SMA suggests a longer-term bearish trend.

The Relative Strength Index (RSI) stands at 42.56, indicating that while there is room for further decline, the price is not yet considered oversold.

The MACD (Moving Average Convergence Divergence) shows that the MACD average line is still below the signal line, indicating a bearish trend. However, the shrinking histogram bars suggest a possible weakening of the bearish momentum.

Price Prediction

The chart suggests a cautiously optimistic outlook. A confirmed breakout above the wedge pattern and moving averages, coupled with bullish signals from the MACD and RSI, could trigger a rally.

If the price manages to stay above the support zone at $0.0000007710, a breakout above the Falling Wedge pattern is possible.

A move beyond the 50-day SMA at $0.0000009522 could fuel further bullish momentum, potentially pushing the price towards a target of $0.0000015031.

On the other hand, a failure to maintain the support level could result in further declines and potential retesting of lower levels.