PEPE Price Prediction 2024: Can It 10X After Plunging 11%?

The Pepe price plunged 11% in the past seven days and a fraction of a percent in the past 24 hours to trade for $0.00001467

The price of PEPE dropped 11% over the past seven days to trade for $0.00001467 at the time of writing, as interest in the meme coin appeared to wane.

Data from on-chain aggregator CoinGlass showed a 3% decrease in open interest for the PEPE token. Open interest signifies the sum of all long and short positions for an asset.

Among the tokens that could be on the watchlist this week include Ondo Finance (ONDO), Notcoin (NOT), GameStop (GSTOP), and DOGEVERSE, which YouTuber Jacob Crypto Bury says could 10X at launch.

While the Pepe price dropped in the past week, it continues to trade with a bullish bias on the higher timeframe. It remains within an ascending parallel chart pattern, a bullish technical formation that commits the asset to more gains provided it remains within its confines.

The Pepe price is also defending the support provided by the centerline of the bullish technical formation. This is earmarked by the $0.00001461 level, where the red candlestick bottomed out.

Pepe Price Prediction

With the immediate support at $0.00001467, the odds continue to favor the upside and the Pepe price could push north. In a northbound directional bias, a stable candlestick close above the $0.00001600 psychological level would encourage more buy orders, reinforcing the prevailing trend.

However, if the bullish grip on the Pepe price eases as the bulls look to refresh, the Pepe price could provide another buying opportunity around the $0.00001461 threshold before the next leg up.

Two technical indicators, both showing momentum and investor sentiment, support the upside. To begin with, the Relative Strength Index (RSI) continues to record higher lows, which suggests rising buyer momentum. If the bulls manage another higher low, it could reinforce the uptrend.

The Moving Average Convergence Divergence (MACD) indicator is also well above the orange band of the signal line. It indicates that the shorter-term moving average is above the longer-term moving average, suggesting bullish momentum in the Pepe price.

It signals that the trend is likely to continue upwards. Traders often use this signal to identify potential buying opportunities or to confirm an existing uptrend in the market.

In a highly bullish case, where the Pepe price records a stable close above the $0.00001600 psychological level, it could extend the gains to record a new peak at the  $0.00001800 psychological level. This would constitute a climb of over 20% above current levels.

GeckoTerminal: PEPE/USD 1-week chart

Converse Case

On the other hand, if the sellers have their way, the Pepe price could drop, slipping below the $0.00001461 critical support. In a dire case, the load-shedding exercise could extrapolate below the equal highs of $0.00001083. A decisive candlestick close below the $0.00000876 support level would invalidate the bullish thesis.

Even as the Pepe price defends its upside potential, DOGEVERSE, a chain-hopping Dogecoin derivative presale, is turning heads after raising over $15 million in funds.

This is the last chance to join the project on its blockchain adventures before the official launch with less than two hours of the presale left.

Get ready to blast off with Cosmo! ??

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? Claim launches on June 5th at 10 AM UTC!

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— DogeVerse (@The_DogeVerse) May 23, 2024

Promising Alternative To Pepe

Dogeverse emerges as a pioneering force in the crypto universe as the first meme coin to launch on the six most used blockchains after Bitcoin: Ethereum, BNB, Polygon, Solana, Avalanche, and Base chains. It calls itself “The World’s First Chain Traveling Doge.”

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— DogeVerse (@The_DogeVerse) May 30, 2024

This unique approach offers users enhanced flexibility, allowing seamless token transfers across networks. It also minimizes transaction fees.

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