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PEPE Drops 7% Suddenly: Price Prediction What’s Up?
The Pepe price fell 7% in 24 hours to $0.00001036 while the cryptocurrency market gained 5% today.
PEPE is correcting following a strong couple of days, with the meme token up 30% in a week, 100% in a month, and 500% in a year.
Today's decline is primarily due to traders collecting gains following a strong start to the week, which saw meme-stock trader ‘Roaring Kitty’ returning to X.
PEPE, one of the most popular whale vehicles, will likely recover shortly.
PEPE Price Prediction After 7% Drop Suddenly— What’s Up?
PEPE's chart indicates a decrease of momentum compared to the last several days.
While it has exhibited little recovery, its relative strength index (purple) has dropped from 85 on Monday to just under 50 today, suggesting it may still struggle in the short run.
PEPE's 30-day average (orange) is falling again after many days above the 200-day (blue), indicating that recent purchasers are taking gains.
The coin's trading volume remains high at $1.6 billion, which is intriguing.
This compares positively with sub-$500 million levels observed a few days before, showing that PEPE interest continues and that it might return shortly.
Indeed, some whales are still hoarding PEPE, signaling the meme token may eventually increase again.
This is possible as meme currencies, especially PEPE, have been hot since meme-stock investor Keith Gill (AKA Roaring Kitty) returned to X after three years.
Gill helped lift GameStop in 2021, but it fell almost 20% Tuesday.
This shows his return's bullishness may be fading.
PEPE is still popular with whales, thus it should win again in the next weeks or days.
