PEPE has witnessed heightened volatility, with its price dropping 12% over the past 24 hours to $0.00000790. Earlier, the token traded near $0.00000891 before entering a consistent downtrend. Despite the decline, trading activity surged, with a 111% increase in 24-hour volume.
PEPE’s market capitalization stands at $3.28 billion, reflecting a 12% decrease in line with broader bearish sentiment. PEPE was previously a favored choice among traders but has recently faced selling pressure, clouding its near-term outlook.
Can PEPE overcome challenges to reach the $0.01 mark?
The possibility of PEPE reaching $0.01 has sparked considerable debate. Such a move would require an extraordinary price surge, given that the current price remains below $0.00001. Hitting $0.01 would mean an increase of nearly 10 million percent, unprecedented in cryptocurrency history.
PEPE’s market capitalization would need to expand exponentially to support such growth. Compared to meme coins like Dogecoin and Shiba Inu, PEPE’s vast supply and demand dynamics make reaching this valuation challenging.
PEPE gained an enthusiastic following due to community support and viral marketing. It saw a notable price spike in 2023, drawing interest from investors and meme coin enthusiasts. With the help of social media hype and speculative trading, PEPE rose to popularity as a meme coin by 2024. Its community is positive in spite of market turbulence. However, it would need strong demand, optimistic emotion, strategic trading, and advantageous market conditions to attain targets like $0.01.
PEPE faces key support at $0.00000750 with resistance at $0.00000900
The MACD indicator signals a bearish trend, with the MACD line below the signal line and a red histogram showing persistent selling pressure. Without signs of a bullish crossover, downward momentum may continue. Meanwhile, the RSI stands at 31.58, hovering close to oversold territory. A drop below 30 could prompt a short-term bounce, whereas an RSI recovery above 40 may attract renewed buying interest.
On a technical level, $0.00000750 and $0.00000500 are key support levels for PEPE, with the latter offering a stronger defense against future drops. The Bulls need to break through the resistance zone of $0.00000850 to $0.00000900 in order to resume their upward momentum. PEPE may target the $0.00001000 mark in the near future if purchasing pressure increases and the MACD makes a bullish crossover.
