What’s Holding PEPE Back from Reaching $0.0001, Has the Pepe-Mania Fizzled Out?
The recent surge in Bitcoin prices, with an increase of over 8% during the past weekend, has indicated a significant resurgence in its dominance. While most tokens, including memecoins like PEPE, have mirrored Bitcoin’s performance, they have encountered challenges in surpassing key resistance levels. PEPE’s price has been notably capped below $0.00001, signalling a strong influence of bearish sentiment on the rally.
The Overview of the Memecoin Mania Struggles
It seems that major tokens have overshadowed the Memecoin mania, as PEPE and other tokens have only achieved marginal gains. Since the price retreated from a bullish pattern, the bulls have been able to provide support but have struggled to drive a substantial upward movement. Consequently, Bitcoin’s price has been trading within a narrow range, indicating significant pressure on the token.
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The big question now is when PEPE’s price will recover to $0.0001. Despite stabilizing around $0.00000925 for more than a week, following a rejection from around $0.00001125, the Ichimoku cloud remains bearish. This suggests the possibility of a prolonged consolidation phase, although the DMI is currently neutral, speculated to turn bullish in the coming days. Until then, PEPE’s price may persist in a similar price action pattern.
Despite potential upcoming bullish trends, the memecoin frenzy does not seem to have surpassed major tokens, as Bitcoin’s dominance continues to strengthen. This indicates that market participants have favored Bitcoin, possibly limiting liquidity flowing into other altcoins or memecoins.
Thus, until a significant bullish event, such as the launch of the spot ETH ETF, occurs, PEPE’s price may continue to consolidate within the current range. However, if the market turns bullish post-launch, the price may climb and establish itself above $0.00001.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
