Would you be a good investor today if the price of PEPE drops 5% in the next 24 hours?
In the past 24 hours, the cryptocurrency market has fallen 3%, while the price of PEPE has fallen 5% to $0.056866.
Despite this, PEPE is still up 7% this week and 22.5% in the past 14 days, even though the meme currency is down 14% in the past month.
Even so, one could argue that these losses simply provide traders with an opportunity to buy the coin at a relatively cheap price; PEPE is still trading high after rising a staggering 2,000% in a year.
This suggests that PEPE has a lot of mid-term and long-term momentum, which could soon lead to further gains in the coin.
With PEPE's price down to 9.7%, is now the time to invest in it?
While PEPE's charts and indicators don't look great right now, that should change soon.
The currency is currently in an oversold condition from which it usually recovers, as its relative strength index (purple) fell to 30 this morning.
Meanwhile, PEPE’s 30-day average (orange) is trending downwards, almost touching its 200-day average (blue).
If it falls below this value, PEPE will be sold at a significant discount, which could attract investors who could push the price up again.
The fact that the 24-hour trading volume of the meme token is still quite high is reassuring. At the level of $600 million, it has risen by more than 750% in the past three months.
Therefore, we may soon see the beginning of a market turnaround, and the Federal Reserve may announce multiple rate cuts this year.
In this case, PEPE may reach $0.000010 in the summer and $0.000020 in the fourth quarter.
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