Pepe Price Prediction as PEPE Drops 12% to Monthly Lows – Here’s Where It’s Going -TGN

Pepe Coin (PEPE), the third most valuable meme coin in the crypto space that burst onto the scene earlier this year, came under heavy selling pressure on Monday.

PEPE last traded at a month low in the $0.0000013s, after falling more than 12% in the past 24 hours, according to CoinGecko.

The meme coin is coming under pressure amid a broader downturn in the crypto market, with bitcoin (BTC) falling to $29,000 and ether (ETH) diving below $1,850.

Crypto investors/traders are likely to see gains across the market on Monday amid a lack of new positive news to further boost this year’s gains.

New negative reporting regarding Binancethe world’s largest cryptocurrency exchange, has also likely soured the tone.

Pepe Coin’s latest drop means the token has now retreated about 30% from its previous monthly highs and is now trading south of its 21- and 50-day moving averages.

Price Prediction – This is where Pepe Coin (PEPE) is headed

Monday’s drop saw Pepe Coin not only break south of its main moving averages, but also convincingly break below an uptrending channel that has been in play for about a month.

Recent price developments suggest that PEPE’s near-term technical outlook has deteriorated significantly.

So, unsurprisingly, price forecasts have become drastically more negative.

The next key support area is $0.00000084, which is a double bottom from early June.

With Pepe Coin’s 14-day Relative Strength Index (RSI) suggesting that the cryptocurrency is far from entering oversold conditions, there is a lot of room for further downtrend in the near term.

A drop to June lows would represent a further 37% drop from current levels.

June lows a nice area for long term dip buyers?

However, the lows of $0.00000084 in June could be a nice area for buyers of longer-term dips to re-enter.

From DEXToolsthere are currently over 134,000 individual wallets with PEPE.

That’s an increase of around 20,000 over the past two months, suggesting that while the rate of accumulation by new buyers is slower, broader interest in the token remains.

Despite the still subdued broader crypto market conditions for much of 2023, Pepe Coin continues to demonstrate its staying power.

As the broader crypto market transitions from recovery from the relentless bear market of 2022 to a full-fledged new bull market, Pepe Coin is a great candidate to pump as it sits at the forefront of another wave of new meme coins.

Alternative currencies to consider

With the broader cryptocurrency market in a broader slump that could last for the rest of the summer, traders looking to make a quick profit may want to look to more speculative corners of the crypto market, such as the coins being issued by new projects.

Here is a new crypto project that has been getting a lot of hype lately and could generate decent returns for early investors.

BTC20 (BTC20)

Billed as ‘Bitcoin on Ethereum’ and as an opportunity for members of the cryptocurrency community to buy bitcoin at the price of $1 in 2011, a new token called BTC20 has gained a lot of hype.

The tokenomics are designed to mimic bitcoin – a token supply limit of 21 million BTC20, with tokens released to BTC20 strikers (instead of miners) on the exact same issuance schedule as bitcoin.

Some argue that BTC20 is even better than bitcoin, as it runs on an eco-friendly, energy-efficient Proof-of-Stake Ethereum blockchain, rather than an energy-hungry Proof-of-Work chain like bitcoin.

According to the project white paperwants to raise BTC20 at least $3 million, although it could be as high as $6 million, through the sale of BTC20 tokens at $1 each.

With the project already raising $1.6 million in just a few days, traders must act quickly to secure their spot.

Buy BTC20 here