Pepe continues to dive as the market has shunned top meme coins this year and has taken refuge in well-established tokens. However, one trader recently shared a bullish PEPE price prediction as the price nears $0.0000027.
In the past 30 days, Pepe has shed 4.4% of its value, while the token has accumulated a staggering 80% loss since the year started.
Last year, Pepe was one of the top-performing tokens in the crypto market as meme coins were exploding everywhere.
However, President Donald Trump’s hostilities with China on the trade front contributed to pushing the price of assets in this category.
Trader Crypto Tony sees the $0.0000027 level as the key support to watch if the decline continues.
This was Pepe’s session low during the October 10 flash crash. This was a relevant price zone back when the market was crashing, increasing the odds that it may act as a bouncing pad once again.
Pepe Price Prediction: OI Drops to Lowest Level Since April as PEPE Breaks Key Support
At some point, Pepe was one of traders’ favorite instruments as its open interest (OI) in the futures market reached $1 billion on July 20.
However, as the price progressively declined, OI fell apart, retreating by 80% as well since that peak to reach $200 million at the time of writing.
PEPE just broke a key support at $0.0000040 and may continue its descent to the support area mentioned by Cypto Tony.
Right now, the price is retesting this price zone from below. A decisive rejection of a move above it would confirm a bearish outlook.
That said, the Relative Strength Index (RSI) shows a bullish divergence has started to show up. This could be an early signal that the price trend is about to reverse.
As meme coins wait for a shift in market sentiment, a project inspired by Pepe’s viral meme has captured investors’ attention. This is a hot crypto presale called Pepenode ($PEPENODE), whose mine-to-earn (M2E) game could soon go viral as it makes mining easy, fun, and accessible.
Pepenode ($PEPENODE) Could Kickstart Another Golden Era for Crypto Mining
Pepenode ($PEPENODE) changes a long-standing paradigm in the crypto mining space. For years, this activity required thousands of dollars invested in expensive equipment, but not anymore.
Players can easily launch virtual servers and fire up as many mining rigs as they want by simply buying $PEPENODE. The more rigs you operate, the faster you will climb the leaderboard to compete for top airdrops of tokens like Bonk ($BONK) and Pepe ($PEPE).
In addition, the project introduces a deflationary twist as up to 70% of the $PEPENODE used to upgrade rigs will be burned permanently. This reduces the circulating supply and will help increase the price of the token in the near term.
To buy $PEPENODE and start mining, simply head to the official Pepenode website and link up a compatible wallet like Best Wallet.
You can either swap USDT or ETH for this token or use a bank card to pay.
The post Pepe Price Prediction: As PEPE Price Continues to Slip Crypto Analysts Expect a Reversal appeared first on Cryptonews.
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