Pepe Battles Price Decline, But Analysts Signal A Potential Rally Ahead
October 28 2024 - 3:30PM
NEWSBTC
Pepe [PEPE] is currently trading at approximately $0.000000900 and
is undergoing a challenging period. The Relative Strength Index
(RSI) is currently at 43.80, which is just below the neutral line.
This implies that sellers currently possess a minor advantage.
Related Reading: MicroStrategy Stock Hits All-Time High As Bitcoin
Blazes Past $67,000 Memecoin Price On The Downtrend Some investors
are apprehensive due to the downward trend of the price. Although
PEPE has experienced significant price increases in the past,
recent metrics suggest that momentum is diminishing. It is
interesting that the number of holders is consistently increasing,
despite the obstacles. This expanding base, which is now
approaching 296,000, indicates that a devoted community continues
to support the token. Even if participation has dropped, it is
clear that many investors are still committed to the popular meme
coin and have future hope. The declining trade activity has raised
some questions, though. Active Addresses On The Retreat Active
addresses that the PEPE network has seen have dropped
significantly, data from Santiment shows; today they count roughly
13.5k. From peak levels recorded earlier this year, this translates
to a decline. Lower active numbers of users would typically denote
reduced trading volumes and hence decreased liquidity levels.
Perhaps, this might indicate that euphoria regarding the memecoin
market in the earlier stages is fading away slowly. The niche
seekers probably are on a lookout for something new within such a
developing memecoin territory. If the same continues then PEPE
could struggle to regain its vibrancy. The more cautious sentiment
among traders is evident in the subdued price action. Perhaps as a
result of the general market’s uncertainty, certain investors
appear to be waiting on the periphery. If the price remains under
pressure, it is possible that the coin will experience additional
declines before it establishes a strong foundation. Glimmer
Of Hope For PEPE Despite the challenges in engagement and the
weakness in price, there are rays of hope for PEPE. In the coming
three months, analysts expect more than a 200% increase which is a
positive indicator of upside potential. Related Reading: Floki Inu
Warning: Analyst Says ‘Prepare For The Crash’ – Details CoinCheckup
forecasts that in the next month PEPE could be trading 220% lower
than its current price. This can be an appropriate time to invest
in the asset. The experts are of the opinion that the upcoming
months will accrue the investor a total of 165% profits.
Nonetheless, in the face of these difficulties, the future
developments seem promising and PEPE will soar to $0.00044 by 2026,
which may cause renewed interest in the sector as a whole. Featured
image from Vanity Fair, chart from TradingView
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