Pepe Price Prediction: PEPE Plummets 6% As Experts Say This Layer-2 Alternative Might Be The Best Meme Coin To Buy Now
The Pepe price plunged 6% in the last 24 hours to trade at $0.000007205 as of 00:36 a.m. EST on trading volume that soared 36% to $748 million.
The PEPE price plummeted as the broader meme coin market’s market capitalization shed 3% to $41 billion.
Pepe Price Set For A Bullish Trend Reversal
The Pepe price recently capitalized on the inverse head-and-shoulders pattern to soar to the $0.0000080 resistance zone, according to data from GeckoTerminal .
However, the bears have recently taken control of the price, with the asset now on a downward trend but within the $0.00000720, which coincides with the two shoulders of the inverse head-and-shoulders pattern.
The downtrend from the resistance has pushed the price of Pepe coin to trade below both the 50-day and 200-day Simple Moving Averages (SMAs).
Moreover, the Relative Strength Index (RSI) is also falling below the neutral line, currently at 36, showing that PEPE is under intense selling pressure and is now undervalued.
With PEPE now undervalued, it may be a buying signal for the bulls, as they aim for a bullish trend reversal to push the price of Pepe back to the $0.0000080 resistance level.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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