Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Pepe (PEPE) is an Ethereum meme coin inspired by Pepe the Frog, a viral internet meme from the 2000s. The project aims to be a top meme coin, like Shiba Inu and Dogecoin, by offering no taxes, rewards for stakes, and coin burns in order to keep PEPE scarce.
The Pepe token is currently trading at $0.00000127 with an increase of 4.45% in the past 24 hours. PEPE holds a total market cap of $499.95 Million and ranks 74th in the crypto market.
PEPE token has a trading volume of $98.65 Million with an increase of 11.43% over the past 24 hours. It has over 391.79 Trillion tokens in circulating supply. The volume-to-market cap ratio of the PEPE token is 19.62%, indicating mild volatility in the market.
Pepe Price Prediction Using Price Action Strategy
Pepe price analysis reveals that the token surged nearly 75% in June 2023 and broke above the consolidation phase, thus shifting its trend to an uptrend. Thereafter, the price again tried to surge higher after a correction but suffered rejection from the supply zone and declined.
Furthermore, over the past month, the PEPE coin price has shown a declining trend, characterized by the formation of a parallel channel. Despite attempting to sustain near the 50 EMA, the price struggled to garner sufficient buyer support, resulting in a subsequent slide downward.
As of now, it is anticipated that the price will continue to correct while staying within the confines of the channel pattern. Nevertheless, should the price break and sustain above the channel pattern, there is potential for a significant surge higher, allowing it to test the sellers’ strength near the previous supply zone.
PEPE Price Forecast from Indicators’ point of view
As per the EMA analysis, the PEPE price is trading below the 50-day EMA, which shows the short-term dominance of sellers in the market. The 50-day EMA may act as resistance as the price nears it.
At the time of publishing, the RSI value of the PEPE token is 38.73 and that of the SMA line is 41.84. RSI is declining, suffering rejection from the SMA line, which indicates the correction phase in the market.
MACD lines have made a bearish crossover. Furthermore, Histogram bars are being formed below the mean line which indicates bearish sentiments prevailing in the market.
Conclusion
Pepe price prediction shows that the price surged nearly 75% in June 2023, breaking above the consolidation phase and shifting its trend to an uptrend. Thereafter, the price again made an attempt to surge higher but suffered rejection from the supply zone and slid down. Currently, the price has undergone a correction phase, thereby forming a parallel channel pattern. Now, the price is expected to correct as long as it remains in the channel. However, if the price breaks and sustains above the channel, then it may surge higher to test the sellers’ strength near the supply zone.
Technical Levels
- Support levels: $0.00000102 and $0.00000086.
- Resistance levels: $0.00000172 and $0.00000189.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/08/02/pepe-price-prediction-will-pepe-cross-1-mark-in-2025/