Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Pepe Coin Price Outlook: Major Drop Looms as Analyst Sees 66% Crash Amid Supercycle Hype

Pepe Coin Price Outlook: Major Drop Looms as Analyst Sees 66% Crash Amid Supercycle Hype

CryptoNewsCryptoNews2024/10/11 00:33
By:Harvey Hunter

As meme coins champion recent market rallies, an analyst expresses a bearish outlook for PEPE.

Last updated:
October 10, 2024 11:13 EDT

Over the past 24 hours, the PEPE price has seen a notable 4.59% lapse as a frontrunner to an average 2.77% decline among meme coins. Some analysts cite this as the beginning of a wider downtrend, cautioning a potential “major drop.”

Indeed, PEPE appears to be amidst a turnaround as its gains over the past week wane, retaining just a 4.4% rise since last Thursday while other notable meme coins hold strong.

This sentiment is mirrored by a shift in trader behavior, as PEPE’s trading volume slumps 14.95% to $729 million over the past 24 hours—raising the question of whether PEPE is still the play to make.

Analysts Caution ‘Major Drop’: How Low Will PEPE Go?

In an October 8th X post , market analyst Alan Sanatana cautioned the “start of a down-wave” as Pepe’s 55-day uptrend appears to have come to an abrupt end last week.

While this sudden shift could be seen as a correction following PEPE’s recent surge, Santana cited technical patterns as grounds that a “major drop is developing and will show itself on the chart soon.”

Pepe Coin Price Outlook: Major Drop Looms as Analyst Sees 66% Crash Amid Supercycle Hype image 1 PEPE/USDT 1D chart, lower highs, lower lows pattern. Source: Alan Santana / X

While the PEPE price ended September on a high note, Santana noted this as a lower high compared to July.

The analyst cited this as the emergence of lower highs, lower lows pattern, setting the precedent that October may follow suit, potentially setting a lower low compared to the $0.7 trough in August.

Just as everything grew after the August low, everything will move down after the recent high.

He noted that the “bearish move can last anything between 22 and 27 days,” setting the stage for a prolonged downturn. With this pattern, the past support at $0.4 seems a credible target for a potential low, marking a 66% decline from last week’s turning point.

Notably, these technical developments contrast with the widely bullish narrative forming for the cryptocurrency space as we enter what is anticipated to be a strong final quarter of the year .

While meme coins remain at the forefront of recent rallies in a “meme coin supercycle,” the PEPE price weakens as it struggles to find the momentum needed to affirm its uptrend.

Rapid Holder Growth for Memecoins on Solana & Ethereum.

Memecoin Supercycle is in its early stages.

Buckle up. pic.twitter.com/3GLjvpdBP2

— Murad 💹🧲 (@MustStopMurad) October 8, 2024

A Pepe Coin is Making Waves, But It’s Not $PEPE

As meme coin supercycle hype mounts, printing opportunities like $MOODENG and $NIERO in their abrupt rise to prominence, it seems like Pepe might not be the play this cycle.

Traders seeking to enhance their potential gains could benefit from diversifying into smaller-cap coins, which often have the potential for exponential rallies .

Enter Pepe Unchained ($PEPU) , a meme coin that transcends conventional utility. It tackles two of the most significant pain points in the current crypto landscape: transaction speeds and fees.

This liberated evolution of Pepe operates on its own Layer 2 chain, freeing itself from Ethereum’s shackles , offering lower fees and 100x faster transaction speeds.

It’s not just a meme coin, it’s a meme chain! Something that may be credited to its instant success, raising almost $18.5 million in its presale so far !

WOAH!

$18M raised! Pepe Unchained is FLYING. Big things on the horizon. pic.twitter.com/U1C41xkuqD

— Pepe Unchained (@pepe_unchained) October 8, 2024

This confidence can also be attributed to Pepe Unchained’s commitment to transparency. It has undergone two audits and features its own block explorer, allowing users to track all transactions on its unique chain.

At a temporary fixed presale price of $0.00995, those who act quickly stand to benefit the most. Investors are currently earning an impressive 118% APY. This presents a valuable passive income opportunity , even amidst recent market volatility.

Join the Pepe Unchained community on X and Telegram to stay up to date on the latest announcements.

BUY $PEPU NOW

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
0

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.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Legendary Technical Analyst Speaks After Record Bitcoin Price: Explains What He’s Worried About

John Bollinger, who has recently shared analyses about the cryptocurrency market, evaluated the latest situation in Bitcoin.

Bitcoinsistemi2024/11/20 09:33

How Will the Approval of Bitcoin ETF Options Affect BTC Price? Here are the Predictions

In a historic development, options products for Bitcoin Spot ETFs have been approved and have started trading. So what happens next?

Bitcoinsistemi2024/11/20 09:33

When Will SEC Make a Decision on XRP ETF? Expert Lawyer Announces Possible Date for XRP Decision!

Jeremy Hogan said that Bitwise will not make a decision on the XRP ETF application until mid-2025 due to the ongoing Ripple lawsuit appeal.

Bitcoinsistemi2024/11/20 09:22