Pepe Price Prediction: Analyst Sees 30% Downside For PEPE As Traders Flock To Buy This Bitcoin Alternative Before A Price Hike

  • Post author:
  • Post category:Blockchain

Join Our Telegram channel to stay up to date on breaking news coverage

Pepe price is up 4% in the last 24 hours to trade for $0.00000143 as of 12:45 p.m. EST, but trading volume has dwindled 11%.

The drop in trading volume is characteristic of weekends, when retail tends to take a back seat. Meanwhile, the number of PEPE holders continues to increase, up 81 addresses today as some investors anticipate more growth.

One trader sees tough times ahead for Pepe’s price. @Cryptokaleo, looking at Pepe’s price on the 4-hour timeframe, observes that the frog-themed meme coin’s uptrend broke down again

He says that he would not enter a long position on Pepe price as the potential of PEPE hitting its all-time high has been invalidated unless the token reclaims above the $0.0000018 level.

For now, @Cryptokaleo anticipates a 30% drop to the $0.000001 psychological level.

Pepe Price Outlook As PEPE Holders Anticipate More Growth

Pepe price is consolidating along an ascending trendline, as the frog-themed token recovers from the downtrend that commenced in July. As long as the price remains above this trendline, investors can expect more profit.

Nevertheless, it faces resistance from the July 13 supply zone, which extends from $0.00000146 to $0.00000172. To confirm the continuation of the uptrend, PEPE price must record a decisive candlestick close above the midline of the order block at $0.00000158.

Increased buying pressure above current levels could see PEPE price flip this supply barrier into a bullish breaker. This would set the tone for the price to target the next supplier congestion marked by the equal highs at $0.00000191.

In a highly bullish case, the price could extend for Pepe’s price to shatter past the $0.00000200. In a highly bullish case, the gains could extrapolate for the price to test the $0.00000250 level. Such a move would constitute a 77% climb above current levels.

The Relative Strength Index (RSI) is deviating towards the north, showing that momentum is rising. Its position above the 50 midline, coupled with the Awesome Oscillators (AO) and the Moving Average Convergence Divergence (MACD) indicator in the positive territory accentuates the bullish outlook, showing the bulls are leading the PEPE market.

Pepe price
TradingView: PEPE/USDT 1-day chart

Converse Case

On the other hand, if the supply barrier holds as a resistance level, Pepe price could face a rejection, which could see it lose the support offered by the ascending trendline. A break and close below the $0.00000100 psychological level would invalidate the bullish thesis.

In the dire case, the slump could extend for the price to test the $0.00000085 support level, or in the dire case, extrapolate to the $0.00000061 support floor.

Meanwhile, the broader crypto market’s eyes remain peeled on Bitcoin (BTC), and with it BTCMTX. It comes as January and 2024 more broadly promise multiple bullish developments for the king of cryptocurrency. That’s a key reason why BTCMTX  features among analysts’ top five cryptos to buy in December with 10X growth potential.

And why it is among the top crypto presales to consider ahead of the next Bitcoin halving.

Promising Alternative To PEPE

BTCMTX is the powering token for Bitcoin Minetrix, a stake-to-mine project that is taking over the meme coin space. The project has made BTC ownership easy and doable even for the ordinary folk, decentralizing and tokenizing the process.

The project has simplified BTC mining and therefore Bitcoin ownership, using a unique stake-to-mine approach. BTCMTX token holders can stake their holdings for credits, and then redeem or burn these credits for mining hash power.

The Bitcoin Minetrix project is in the presale stage, attracting a massive $5.367 million in presale sales so far out of a target of $6.079 million. In the current stage, investors can buy BTCMTX for only $0.0122, but the price will increase in about 13 hours.

Visit Bitcoin Minetrix website to buy BTCMTX in the presale here.

Also Read:

New Crypto Mining Platform – Bitcoin Minetrix

Bitcoin Minetrix
  • Audited By Coinsult
  • Decentralized, Secure Cloud Mining
  • Earn Free Bitcoin Daily
  • Native Token On Presale Now – BTCMTX
  • Staking Rewards – Over 100% APY

Bitcoin Minetrix

Join Our Telegram channel to stay up to date on breaking news coverage

Source link