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When PEPE Falls 8% From Its Recent High, Is It Time to Buy?
Since setting new all-time highs earlier this week, the price of Pepe (PEPE) has been steadily declining. Since PEPE has fallen 12% from its top, traders are asking whether this is a good moment to buy the current dip.
Just last week, when GameStop legend Roaring Kitty made an unexpected comeback, Pepe's price soared to new all-time highs at $0.000011.
The renowned individual had a pivotal role in the meme stock surge of 2021.
The enthusiasm in meme stocks and meme coins was boosted by his Monday return to X, which was his first appearance since 2021.
But, the price of Pepe has since fallen back down to slightly more than $0.00010.
It may be premature to purchase PEPE's current pullback, according to chart analysis. And I'll tell you why.
When Will the Pepe Price Drop Enough to Make You Want to Buy?
The bulls on Pepe are still riding high despite the recent decline.
Despite having strong support from its key short-term moving averages, the meme currency is still trading at a significant premium.
An ascending triangular structure was also broken earlier this week by Pepe.
Before making their bets, traders seeking to go long on Pepe should wait for the price to retest the upper boundaries of this rising triangle.
Yes, it's safe to say that $0.00000920 will provide solid price support.
With a market worth of little under $4.3 billion, Pepe has lots of opportunity to continue rising in this bull market as its popularity continues to soar.
Those who are bullish on Pepe will bet that the meme currency can eventually compete with DOGE and SHIB.
These two leading meme currencies have a market cap of $21.9B and $14.6B, respectively.
On Twitter, there are 3.9 million followers for Dogecoin and 3.8 million for Shiba Inu.
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