Price Prediction: Buy Now After 1.2% Bounce?
The cryptocurrency market is struggling today, but Pepe has increased 1% in 24 hours to $0.00001244.
PEPE is down 18% in a week, whereas the meme currency, the 26th largest token on the market, has climbed 42% in a week and 1,200% in a year.
PEPE's significant gains provide it medium- and long-term momentum for further rallies.
After two weeks of decline, its comeback today might signal a fresh uptrend.
After losing ground and momentum for much of the week, PEPE's chart implies the currency is set to rise again.
Their relative strength index (purple) dropped below 20 over the weekend, but it has since rebounded above 50 and is climbing again after a dip this morning.
This shows a momentum recovery as buyers acquire PEPE at a discount.
The alt's 30-day average (orange) has bottomed out after falling far below the 200-day (blue), suggesting a comeback.
Thus, PEPE seems set to jump if one or two bigger traders place substantial meme token purchase orders.
Some whales are still acquiring PEPE, obviously taking advantage of the discount.
The whale stated here has a meme token treasure chest worth almost $9 million, indicating his conviction that the currency will rise again soon.
After a bad week, the overall market should rebound, supporting the PEPE price.
Macroeconomic considerations will also support the market, since the ECB slashed rates last week and the BoE may do likewise later this summer.
Such reduction will boost market mood and demand, raising cryptocurrency prices, notably PEPE.
It might reach $0.000020 by summer's end and $0.000025 by Q4.
