As PEPE dips from recent high, will it rise again?
After hitting an all-time high of $0.00001526 yesterday, Pepe has lost 4.5% to $0.00001365 in 24 hours.
The meme currency is the best-performing top-100 token, up 37% in a week and 74% in a month.
PEPE has risen 820% in a month, showing strong long-term momentum that should resume after today's fall.
After ETH ETFs were approved yesterday, the market may turn optimistic, pushing Pepe to a new ATH.
PEPE seems to be losing momentum after surging aggressively at the start of the week, with its signs indicating a pullback.
Its purple relative strength index fell from 70 this morning to almost 40 as of writing, and it may continue to plummet during the next day.
After many days of aggressively soaring over the 200-day (blue), the coin's 30-day average (orange) has began falling and may now go below it.
PEPE may see a week-long retracement after achieving numerous fresh record highs in recent days.
However, its volumes remain around record highs at $2.4 billion, with whales continuing buying the token in the previous 24 hours.
Since demand and interest are still strong, the PEPE price may rebound and break its record high again.
The SEC's approval of eight Ethereum ETFs yesterday bodes well for the meme token and market.
Such ETFs may start next month, adding demand and volume to Ethereum and the market.
This will boost bullishness across the board, particularly for PEPE, an Ethereum-based coin that whales have been buying for over a year.
Thus, the Pepe price may grow to $0.0000150 in the next weeks and $0.000020 by Q4.
#ETHETFsApproved #FIT21 #PEPE $PEPE
