Pepe Price Prediction as Market Cap Surpasses $500 Million – $1 PEPE Incoming?
The PEPE price has dropped by 2.6% in the past 24 hours, with its fall to $0.00000137 coming as the market cools down a little after yesterday’s rally.
Despite the dip, PEPE remains up by 30% in a week and by 21% in the last 30 days, with its market cap surpassing $500 million for the first time since early November.
And with the meme token’s 24-hour trading volume remaining high at close to $400 million, it’s likely that PEPE will continue to attract enough interest to mount further rallies in the coming days.
PEPE’s chart currently looks pretty strong, in that its indicators are pointing towards additional gains.
Most notably, its 30-day moving average (yellow) is very close to crossing above its 200-day average (blue), meaning that it’s set to form a ‘golden cross’ that generally indicates a breakout.
At the same time, PEPE’s RSI (purple) remains close to 70, signalling strong buying pressure that’s likely to continue pushing the altcoin’s price up in the next few days.
Supporting such a conclusion is the coin’s trading volume, which suggests that whales continue to accumulate the token in expectation of more price rises.
Yet what traders should be wary of is that, with ‘pure’ meme tokens such as PEPE, whales buy them up only to dump them at a later date.
The price of $PEPE just soared more than 20%.
We noticed that a wallet deposited 794B $PEPE ($1.1M) to #Gateio when the price of $PEPE skyrocketed, making ~$230K.
Subsequently, the price of $PEPE began to fall from the peak.https://t.co/MBLnOSNlSE pic.twitter.com/cLTtCyMpGJ
— Lookonchain (@lookonchain) December 4, 2023
As such, while PEPE is likely to continue rising in general along with the market, investors should be mindful that relatively large dips are likely to be a
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