🚨🐸 $PEPE Drops 7% Suddenly: What's Behind the Dip and What's Next?
The price of PEPE fell 7% in the past 24 hours to $0.00001036, even as the broader cryptocurrency market saw a 5% gain today.
Despite this correction, PEPE has had a strong performance recently, climbing 30% in a week, 100% in a month, and 500% over the past year.
Why Did PEPE Drop?
Today's decline can be attributed to traders taking profits after a strong start to the week, coinciding with the return of meme-stock trader 'Roaring Kitty' to X (formerly Twitter).
As one of the most popular tokens among whales, PEPE is expected to recover soon.
PEPE Price Prediction After 7% Drop—What's Next?
PEPE's chart shows a decrease in momentum compared to recent days.
- Relative Strength Index (RSI): The RSI (purple) has fallen from 85 on Monday to just below 50, suggesting that PEPE may continue to struggle in the short term.
- Moving Averages: The 30-day moving average (orange) is declining after staying above the 200-day average (blue), indicating profit-taking by recent buyers.
- Trading Volume: Despite the dip, trading volume remains high at $1.6 billion, up from sub-$500 million levels observed a few days ago, indicating continued interest in PEPE.
Whale Activity and Market Sentiment
Some whales are still accumulating PEPE, suggesting potential for future gains.
The renewed interest in meme tokens has been partly driven by the return of meme-stock investor Keith Gill (AKA Roaring Kitty) to social media. However, his return's initial bullish impact may be waning, as evidenced by a nearly 20% drop in GameStop's stock on Tuesday.
Conclusion
While PEPE faces short-term challenges, its popularity with whales and ongoing market interest suggest it could bounce back in the coming days or weeks. Keep an eye on trading volume and whale activity for signs of a potential recovery.
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