$PEPE Price Prediction: 30% Drop Before Bouncing: Dip-Buying Opportunity?
The #PEPE price rose 1% in 24 hours to $0.000005576 while the crypto market rose 4%.
The meme currency fell 25% in a week and 34% in 30 days, but this tiny comeback doesn't erase its losses.
Although such dips may be unfavorable, they allow traders to acquire the currency at a discount compared to previous levels.
With the market likely to become positive this week, PEPE might climb again.
PEPE is set to rebound after reaching a bottom over the weekend and continue climbing.
Its relative strength indicator (purple) dipped below 20 late Friday and Saturday, but it has zigzagged back up to 60 today.
Meanwhile, its 30-day average (orange) bottomed out in the early morning before rising again in the previous few hours.
This shows that the currency is regaining momentum and attracting buyers, maybe because to its low price.
After spending much of last week at $500 million, its trade volume has recovered to $1 billion today.
This shows that bigger traders may have returned to meme currency, however many renowned whales who had amassed PEPE in previous weeks and months sold their supply lately and haven't started purchasing again.
PEPE is known for fast gains and surges, thus it may see disproportionate gains when the market becomes bullish.
Since Hong Kong's Securities and Futures Commission approved numerous spot-based Bitcoin and Ethereum ETFs today, this might happen in the next days.
This has boosted the market, and the Bitcoin halving on Saturday may boost expectations this week.
In general, Federal Reserve rate reduction may enhance cryptocurrency demand in the next year.
PEPE may increase to $0.000010 again in the next months.
