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PEPE coin price has been trading sideways for the past couple of weeks as the volatility in the whole crypto market has decreased. The latest analysis shows that the time is running out for the meme coin holders as bears are gaining momentum. Nevertheless, the bulls remain in the driving seat for now.
PEPE coin price closed last week with a 14.13% drop. This followed the previous week’s drop of 32.2% as the meme coin investors rushed to take profits. On Wednesday, the popular meme coin is trading at $0.000001613, which is 69% below its all-time high.
The launch of many new meme coins has diluted the demand for PEPE. One such meme coin which has gained a lot of hype is the Milady meme coin or LADYS. After launching just 2 weeks ago, LADYS is really giving PEPE a run for its money.
Just within a week of its launch, the LADYS token has hit a market cap of $120 million. This is even more than PEPE’s market cap at the same stage. This shows that the popularity of new meme coins has significantly impacted the PEPE coin price.
On a 4H meme coin PEPE price chart, the coin appears to be in a downtrend, making lower highs and lower lows. The $0.00000214 level appears to be acting as a resistance that the bulls need to reclaim to start another rally. As long as it remains below this level, our PEPE coin price prediction will remain bearish.
The most likely scenario appears to be a retest of the $0.00000092 support which has been shown int he following chart. I expect another bounce from this zone in the coming weeks. A break down below this level may send the price into a prolonged bearish accumulation.
I’ll keep posting my updated PEPE price analysis and upcoming 1000x gems in my free Telegram group, which you are welcome to join.
This post was last modified on May 24, 2023, 13:32 BST 13:32