Pepe Price Prediction as PEPE Drops 17% Overnight – What’s Going On?
The PEPE price has dropped by as much as 17% overnight, with its fall to $0.000008854 coming as the market as a whole takes a big hit.
Despite this correction, PEPE remains up by 6% in a week and by 690% in the last 30 days, with the coin only 16% down from its all-time high of $0.00001064, which it set yesterday.
Given that today’s loss is largely the result of profit-taking from traders, PEPE has every chance of rebounding again soon enough.
And as the market continues to gain in bullishness, the meme token could even break its new ATH in the next few weeks.
PEPE may have dived badly overnight, but its chart and indicators suggest that now may be a great time to buy.
Most notably, its relative strength index (purple) has resumed rising again after almost hitting rock bottom (30) in the early hours of this morning.
In other words, it looks like it’s on the way back up, even if its 30-day average (yellow) is still falling.
Yet the average is arguably cancelled out by PEPE’s support level (green), which is still rising and which prevented the coin from falling too far last night.
At the same time, PEPE’s 24-hour trading volume remains close to $2.5 billion, indicating substantial interest in the token.
This guy spent only $3,000 to buy 4.9T $PEPE($35.5M currently) in the early time!
He sold 760B $PEPE($2M) and currently holds 4.15T $PEPE($30.8M), and is the 13th holder of $PEPE!
His total profit on $PEPE is ~$32.8M, a gain of 11,077x!https://t.co/QTL7oxruTk pic.twitter.com/sw2FcPfgdd
— Lookonchain (@lookonchain) March 4, 2024
It’s likely that whales who had previously bought the coin have taken some profits in the past day or so, yet PEPE hasn’t fallen any harder than many other alts and meme coins.
As such, it’s likely to rebound
Read more on cryptonews.com
