The cryptocurrency industry has witnessed the emergence of a relatively new frog-themed meme coin in the dog-dominated space. PEPE has been making headlines since its launch. Recently, PEPE is one of the few currencies that reached new highs this month. After a significant rise over the past 30 days, the momentum of this meme coin has slowed.
Is PEPE undergoing a correction?
The cryptocurrency trading price is $0.00001932, down 3.79% in the last 24 hours. Notably, PEPE has had a tough week, dropping over 4%. However, for the month, this meme coin has soared an astonishing 112%. About 12 days ago, on November 14, the asset reached an all-time high of $0.00002524. Currently, PEPE's trading price is 23% lower than this peak.
It appears that whales are taking the opportunity to cash in while Bitcoin prices are falling. Currently, the trading volume of this meme coin is as high as $260.3 million. According to IntoTheBlock data, this figure has increased by 47% in the past day.
Despite recent declines in PEPE's price, community sentiment on CoinMarketCap shows optimism. Out of 92,458 votes, 88% are bullish on this meme coin, witnessing significant gains. Furthermore, only 12% of people are pessimistic about the asset's future rise.
Thanksgiving Price Prediction
Thanksgiving may bring good news to the PEPE community. The asset is expected to rise more than 5% from its current price, reaching a high of $0.00002029.
As shown in the chart above, PEPE is expected to perform well by the end of November. However, at this point, the asset's chances of returning to historical highs or soaring this month seem low. December may bring new opportunities for meme coins and their investors.
PEPE Price Prediction: Setting a new all-time high may be temporarily postponed.
PEPE's EMA line shows bearish signals, potentially forming a death cross, where the short-term EMA line is below the long-term EMA line.
If this pattern materializes, it could trigger further corrections. The PEPE price may test support levels at $0.0000139 and $0.0000108. If selling pressure increases, PEPE could drop to $0.0000077.
On the other hand, if market confidence recovers and trends reverse, the PEPE price may challenge resistance levels at $0.0000228 and $0.000026.
Breaking through these levels could push the PEPE price towards $0.000030, setting a new all-time high.
