Pepe (PEPE) has advanced more than 50% since July 08, 2024, rising from $0.0000077 to a high of $0.000013. The current price of PEPE stands at $0.000012, and for now, bulls continue to control the price movement. This positive trend is also supported by Bitcoin’s ascent beyond $65,000 and its ambitious aim to reach $70,000 in the upcoming days or even hours.
With such large returns, PEPE has naturally outperformed most of the other top assets recently; however, investors should also keep in mind that investing in PEPE at the current price involves a significant degree of unpredictability and substantial risk. So, where is the price of Pepe (PEPE) going next, and what can we expect from August 2024?
Today, Crypto Lists will discuss Pepe (PEPE) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
PEPE has rapidly gained popularity
PEPE is a meme coin with no intrinsic value that has a use for entertainment purposes. Meme coins existed since the very early days of Web1, and they focus on getting viral through the explosive nature of memes. Dogecoin (DOGE) was the first meme coin that attracted mass attention, while the other important names include Shiba Inu (SHIB) and Floki Inu (FLOKI.
The PEPE meme coin was launched towards the middle of April 2023, and there is no formal team or roadmap behind this coin. In a very short period of time, PEPE had a market cap of over $500 million, venturing into the list of the top 100 coins by means of total market capitalization.
PEPE can be purchased via major exchanges such as Huobi, Kraken, KuCoin, MEXC, OKX, and it’s also available on multiple decentralized exchanges such as Uniswap. According to the official website, the PEPE meme coin is designed to be “the most memeable meme coin in existence,” but the official website also claims that PEPE does not have a purpose like an expectation of financial return.
The PEPE meme coin ecosystem is growing rapidly and PEPE has been one of the most volatile cryptocurrencies since its creation. Not long ago, PEPE was trading around $0.000077 ( July 08, 2024), but since then, the price of PEPE has been advancing. The significant price jump has increased volatility but according to the recent on-chain revelation, investors appear to be shifting to a long-term holding strategy, with a focus on the future promise of the PEPE token.
Supply: 391,790,000,000,000 / 420,690,000,000,000
Release date: April 15, 2023
Description: Discover Pepe and be part of the meme revolution.
Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.
The frenzy around PEPE is still not over
Arguably the most significant driver of Pepe’s growth is the fact that crypto participants are now familiar with how quickly meme coins can grow, but the wider dynamics of the cryptocurrency market continue to play an important role in determining the price of PEPE. Also, signs that influential market participants known as crypto “whales” are becoming more interested suggest the frenzy around PEPE is still not over.
On the other side, some crypto analysts said that the question remains whether the PEPE price will continue to rise from here or if it has reached its peak for this cycle. If the PEPE trading volume continues to rise, then the buying pressure can push the price toward new all-time highs. However, a decline in the trading volume could be detrimental to the price and lead to a reversal.
Trading volume contributes significantly to the liquidity and a decrease in the trading volume reduces the overall liquidity, making it more difficult for traders to buy or sell large amounts of PEPE without affecting the market price. With reduced liquidity, the market may become more susceptible to price swings and potential investors should keep in mind that smaller trades could have a more pronounced impact on PEPE’s price then.
Because of this, investing in PEPE should be approached with careful consideration. Conducting thorough research and assessing one’s risk tolerance are essential steps before making any investments in this cryptocurrency.
Technical analysis for PEPE
PEPE has advanced from $0.0000077 to $0.000013 since July 08, 2024, and the current price stands at $0.000012. So far, the current drop doesn’t seem to be discouraging whales from buying into the token, but a break below the $0.000011 level would indicate that PEPE could probably test the price level at $0.000010.
Important support & resistance levels for PEPE
On this chart (the period from January 2024), I marked important support and resistance levels that can help traders understand where the price could move. PEPE has weakened from its recent highs, but if the price jumps above the resistance that stands at $0.000014, the next target could be resistance at $0.000016. The current support level is $0.000011, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.000010. If the price drops below $0.000010, which also represents an important psychological support level, the next target could be located around $0.0000080 or even below.
What speaks for the rise in the PEPE price
PEPE remains in the “bullish phase,” and it is important to say that the amount of PEPE traded over the last several weeks saw a significant increase. Arguably the most significant driver of Pepe’s growth is the fact that crypto participants are now familiar with how quickly meme coins can grow, but the wider dynamics of the cryptocurrency market continue to play an important role in determining the price of PEPE. Also, signs that influential market participants known as crypto “whales” are becoming more interested suggest the frenzy around PEPE is still not over.
What indicates the downfall of PEPE
PEPE has been advancing since July 08, 2024, but potential investors should keep in mind that this token is highly volatile and remains a highly risky investment. At the same time, the macroeconomic landscape remains uncertain; the cryptocurrency market could be again under pressure, and because of this, investors should continue to take a defensive investment approach in the weeks ahead. With Bitcoin being a significant driver of market sentiment, any major price movements or prolonged declines could have a negative effect on PEPE and other cryptocurrencies.
What do analysts and experts say?
PEPE meme coin has rapidly gained popularity within the blockchain and cryptocurrency community, but according to analysts, this token remains a highly risky investment. PEPE is based on a popular internet meme with no value, utility, or roadmap, but it is important to mention that PEPE currently has a total market cap of over $5 billion. Since July 08, 2024, PEPE has seen a substantial increase of over 45%, and one contributing factor to this positive trend is the notable surge in whale transactions within the cryptocurrency over the past two weeks.
The question now is whether this “bullish” phase could potentially instigate further gains and crypto analysts said that if the PEPE trading volume continues to rise, then the buying pressure can push the price toward new all-time highs. However, a decline in the trading volume could be detrimental to the price and lead to a reversal.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.
