Pepe Price Analysis Reveals Bullish Strength As Bitcoin Plummets

Pepe price analysis: The price of PEPE dropped by 10.4% in the last 24 hours to trade at $0.000008358 during European business hours on Monday. This follows Bitcoin’s down turn in price, that may have led to the entire crypto market cap decreasing by 4.7% at press time. 

Nevertheless, Pepe price chart shows some hints of bullishness that may yet propel this meme coin to new heights, or at the very least, cushion it against excessive bleeding during these volatile market conditions. 

Pepe Price Analysis: Decision Time for Meme Coin, 26% Gains or 20% Losses

PEPE price sported a fake out on the daily time frame chart shortly after Bitcoin price broke below a critical support level. The meme coin was one of the best-performing meme coins on the Ethereum blockchain, leading to BTC’s drastic change, of course. The price of Pepe had just broken out of a falling wedge and was retesting the top trendline of the falling wedge before heading toward $0.00001720, the previous all-time high price.

Since Bitcoin’s downturn on July 1, 2024, PEPE has dropped by 30% to its current price. Interestingly, the PEPE price is still trending above the 200-day simple moving average (SMA), a feat which inspires bullish sentiment among market participants.

The price of PEPE is now at a relatively weak support level around $0.00000773. If the bulls prevail, PEPE may rise by 26% to hit $0.0001108, which also coincides with the 50-day SMA. On the flip side, the meme coin may drop further below in a 20% drop to find support at $0.00000650.

The PEPE 14-day relative strength index (RSI) is sitting at 34, just four points above the oversold (OS) area. If it does slide into this zone, PEPE price may experience increased selling pressure that may catapult it down to the $0.00000650 support level. Conversely, the RSI at 34 indicates a large upside potential for the meme coin should general market conditions change.

Pepe Fundamentals Remain Bullish

Data from Santiment and Etherscan shows that PEPE holders increased by 5.76% in the last month and 0.01% in the last 24 hours, an indicator that despite the falling prices, investors are accumulating the meme coin. 

Crypto traders on X (formerly Twitter) remain bullish on PEPE, citing the impressive growth in Pepe’s holder count as a green flag for the crypto asset.

$PEPE new ATH of 256,000 holders what's crazy is the entire past couple of weeks that the market has been red the frog has kept growing it's simply a matter of time until price action catches up and we have a major pump

— Brian Garrett (@BrianGarrett) July 7, 2024

 

Bitcoin price continues to slump, and given its 51% market dominance, meme coins like Pepe may have little chance of breaking free from this dominance. 

Bottom Line

Despite Bitcoin’s sharp decline, Pepe coin demonstrates unexpected resilience, maintaining bullish sentiment in a volatile market. This strength shows the meme coin’s unique market dynamics and suggests growing interest from traders seeking alternative investments amid broader cryptocurrency volatility.

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