📉🤔 When PEPE Falls 8% From Its Recent High, Is It Time to Buy?
Since reaching new all-time highs earlier this week, the price of Pepe (PEPE) has been on a decline. PEPE has dropped 12% from its peak, prompting traders to ponder if now is the opportune time to purchase on the dip.
Just last week, following GameStop legend Roaring Kitty's unexpected return, Pepe surged to new all-time highs at $0.000011. This individual played a crucial role in the meme stock frenzy of 2021.
His return to X on Monday, his first appearance since 2021, reignited interest in meme stocks and coins. However, Pepe's price has since retreated to just over $0.00010.
According to chart analysis, it might be too soon to buy into PEPE's current dip. And here's why.
When Will the Pepe Price Drop Enough to Make You Want to Buy?
Despite the recent downturn, the bulls on Pepe remain optimistic.
The meme coin still holds a substantial premium, even with robust support from its key short-term moving averages.
Pepe also breached an ascending triangular pattern earlier this week.
Traders looking to go long on Pepe should wait for a retest of the upper limits of this rising triangle before placing their trades.
Indeed, $0.00000920 seems to be a solid support level.
With a market cap just shy of $4.3 billion, Pepe is well-positioned to keep climbing in this bull market as its popularity escalates.
Those bullish on Pepe believe that this meme currency has the potential to rival DOGE and SHIB, which currently boast market caps of $21.9B and $14.6B, respectively.
On Twitter, Dogecoin and Shiba Inu have 3.9 million and 3.8 million followers respectively.
#MemeWatch2024 #pepe #SHIB #DOGE $PEPE
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