{"id":474505,"date":"2024-01-23T17:22:14","date_gmt":"2024-01-23T17:22:14","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=474505"},"modified":"2024-01-23T17:22:14","modified_gmt":"2024-01-23T17:22:14","slug":"pepe-price-prediction-pepe-plunges-8-as-investors-look-to-this-meme-coin-held-by-tron-founder-justin-sun-for-100x-gains","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/pepe-price-prediction-pepe-plunges-8-as-investors-look-to-this-meme-coin-held-by-tron-founder-justin-sun-for-100x-gains","title":{"rendered":"Pepe Price Prediction: PEPE Plunges 8% As Investors Look To This Meme Coin Held By Tron Founder Justin Sun For 100X Gains"},"content":{"rendered":"

The Pepe price <\/span>dropped<\/span><\/a> more than 8% over the past 24 hours to trade at $0.000001001 as of 8:30 am EST amid a down day for meme coins.<\/span><\/p>\n

The Pepe Price Breaks Below A Key Support Level<\/span><\/h2>\n

\"TradingView<\/p>\n

Daily chart for PEPE\/USDT (Source: <\/span>TradingView<\/span><\/a>)<\/span><\/p>\n

The <\/span>Pepe<\/span><\/a> price dropped below the key support level at $0.00000105 over the past 24 hours as it remains trapped in a medium-term descending price channel. As a result, the meme coin is trading around the lower barrier of the price channel. <\/span><\/p>\n

Historically, this has led to a bullish surge in the Pepe price. Looking at just the past 2 weeks, all of the tests of the lower barrier of the price channel were followed by a move towards the upside within the following 48 hours.<\/span><\/p>\n

Should history repeat itself, the Pepe price may reclaim a position above the recently-breached $0.00000105 support level. A daily candle close above this significant point may then give the altcoin the foundation needed to rise to the upper boundary of the negative channel. <\/span><\/p>\n

This would place PEPE at the major $0.00000130 resistance level. Continued buy pressure could then boost the Pepe price above this level to potentially rise to as high as $0.00000150 in the following couple of days.<\/span><\/p>\n

This bullish thesis may be invalidated if the <\/span>Pepe<\/span><\/a> price closes a daily candle below the price channel’s lower barrier. In this more bearish scenario, the Pepe price may be at risk of plummeting to the subsequent support level at $0.00000075 throughout the following fortnight.<\/span><\/p>\n

Technicals Show Bears Are Not Through Pulling The Pepe Price Down <\/span><\/h2>\n

Technical indicators on PEPE’s daily chart suggest that sellers will continue to drag the Pepe price down in the short term. The first indicator that investors and traders will want to take note of is the Moving Average Convergence Divergence (MACD). <\/span><\/p>\n

Currently, the MACD line is breaking away below the MACD Signal line, which indicates that PEPE’s bearish trend shows no signs of slowing down. In addition to this, the Relative Strength Index (RSI) is falling below its Simple Moving Average (SMA) line. Traders normally identify this specific technical flag as a sign that sellers are growing stronger against buyers.<\/span><\/p>\n

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Get out of the way $PEPE<\/a>#SpongeV2<\/a> is here to takeover 🔥$SPONGE<\/a> #Web3<\/a> #Crypto<\/a> #Altcoins<\/a> pic.twitter.com\/sEiHH65uTY<\/a><\/p>\n

— $SPONGE (@spongeoneth) January 22, 2024<\/a><\/p><\/blockquote>\n