Pepe Coin

Pepe

Pepe Coin Price Analysis: The memecoin <a href="https://coingape.com/trending/pepe-price-dips-after-days-of-rally-sell-or-hodl/" rel="noopener noreferrer nofollow">PEPE</a>, themed around a frog, recently experienced a price correction after peaking at $0.0000172 in late May. This downturn saw the altcoin’s price fall by 25%, landing at $0.00001274, while its market cap decreased to $5.36 billion. Concurrently, as Bitcoin struggled to maintain its position above the $70,000 mark, the broader cryptocurrency market faced additional downward pressure. This situation suggests that the market may be entering a period of extended correction or consolidation.
Also Read: <a href="https://coingape.com/markets/pepe-coin-price-prediction-as-bullish-sentiment-bursts-rally-to-0-00002-incoming/" rel="noopener noreferrer nofollow">Pepe Coin Price Prediction As Bullish Sentiment Bursts, Rally To $0.00002 Incoming?</a>
<h2 id="span-style-font-weight-400-pepe-coin-price-analysis-will-nascent-s-investment-spark-a-rebound-span">Pepe Coin Price Analysis: Will Nascent’s Investment Spark a Rebound?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/2/2d1XPvUy.png" alt="BINANCE:PEPEUSDT Chart" width="1946" height="893">
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 Pepe Coin Price Analysis| Tradingview
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Since mid-April, the <a href="https://coingape.com/price/pepe-coin/" rel="noopener noreferrer nofollow">PEPE coin price</a> witnessed an aggressive rally under the influence of an ascending trendline. The steep dynamic support bolstered buyers with the new higher low formations and uplifted the asset from $0.00000393 to $0.000017 registering a 335% growth.
However, the altcoin market witnessed a slowdown in recovery as Bitcoin prices consolidated in a narrow range for the past two weeks. Amid the uncertainty, the PEPE price developed a notable top at $0.0000172 and triggered a correction below the aforementioned support.
The loss of its nearly two-month-long support level is likely to increase selling pressure on PEPE, setting the stage for a significant decline. Following the breakdown, the asset’s price could potentially plummet to $0.00000881, with a further possible drop to $0.000006 if the downward trend continues.
However, a long tail rejection candle on Friday showcased the traders’ interest in buyers PEPE at a discounted price.
Also Read: <a href="https://coingape.com/nascent-snatches-447-67-billion-pepe-tokens-amid-pepe-price-dip-whats-next/" rel="noopener noreferrer nofollow">Nascent Snatches 447.67 Billion PEPE Tokens Amid PEPE Price Dip, What’s Next?</a>
In a recent analysis shared by SpotOnChain, an on-chain data tracking service, it was reported that Nascent, a venture capital firm, capitalized on the market’s dip by purchasing 447.67B PEPE tokens valued at approximately $5.48 million from Binance. This strategic acquisition has already yielded a 4.8% unrealized profit, amounting to $262K.
<blockquote class="twitter-tweet">
 6 hours ago, Nascent (<a href="https://twitter.com/nascentxyz?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@nascentxyz</a>) accumulated the first 447.67B <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$PEPE</a> ($5.48M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> at the dip.
 And now makes $262K (+4.8%) in unrealized profit!<a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$PEPE</a> currently ranks first in the VC’s portfolio, followed by <a href="https://twitter.com/search?q=%24MKR&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$MKR</a> with an est. total profit of $2.45M (+248%).
 Follow… <a href="https://t.co/KzfE6R3wJQ" rel="noopener noreferrer nofollow">pic.twitter.com/KzfE6R3wJQ</a>
 — Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1799235385916338250?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 8, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
PEPE now stands as the leading asset in Nascent’s portfolio, outperforming others with an estimated total profit of $2.45 million, reflecting a staggering 248% increase.
Therefore, the lack of follow from PEPE of downside will project weak conviction from sellers. As a result, the asset could stabilize above $0.0000108 and seek support for a rebound higher.
The buyer’s attempt to flip overhead resistance of $0.000017 is crucial to obtain the signal of the prolonged rally.
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The 50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> offers buyers additional support at $0.0000108 to prevent a prolonged downfall.</li>
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: A notable drop in ADX slope to 32% indicates the current correction could recuperate the exhausted bullish momentum after a new all-time high.</li>
</ul>
The post <a href="https://coingape.com/markets/pepe-coin-price-analysis-20-downside-risk-sellers-break-50-day/" rel="noopener noreferrer nofollow">Pepe Coin Price Analysis Hints 20% Downside Risk As Sellers Break 50-day Support</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Pepe Coin Price Analysis Hints 20% Downside Risk As Sellers Break 50-day Support

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