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Pepe Price Analysis Reveals Bullish Strength as Bitcoin Plummets

Pepe Price Analysis: PEPE price fell 10.4% in the last 24 hours to trade at $0.000008358 during European trading hours on Monday. This follows the fall in the price of Bitcoin, which may have led to the entire crypto market value decreasing by 4.7% at the time of publication.

However, Pepe’s price chart shows some signs of optimism that could still propel this meme coin to new heights or at least protect it from excessive bleeding during these volatile market conditions.

PEPE price showed falsification on the daily chart shortly after Bitcoin price fell below a critical support level. The meme coin was one of the best performing meme coins on the Ethereum blockchain, which of course led to BTC’s drastic turnaround. Pepe price had just broken out of a falling wedge and was retesting the falling wedge’s upper trendline before heading towards $0.00001720, the highest price ever.

Since Bitcoin crashed on July 1, 2024, PEPE has fallen 30% from its current price. Interestingly, PEPE price continues to rise above the 200-day SMA, a feat that inspires bullish sentiment among market participants.

PEPE price is now at a relatively weak support level, around $0.00000773. If the bulls prevail, PEPE could rise 26% to reach $0.0001108, which is also in line with the 50-day SMA. On the other hand, the meme coin could fall further in a 20% decline to find support at $0.00000650.

PEPE’s 14-day relative strength index (RSI) is at 34, just four points above the oversold area (OS). If it slides into this zone, the PEPE price could come under more selling pressure, which could catapult it towards the $0.00000650 support level. On the contrary, the RSI at 34 indicates a strong upside potential for the meme coin if general market conditions change.

The price of Bitcoin continues to fall and given its 51% market dominance, meme coins like Pepe may have little chance of breaking free from this dominance.

Final result

Despite Bitcoin’s sharp decline, Pepe coin demonstrates unexpected resilience and maintains bullish sentiment in a volatile market. This strength shows the meme coin’s unique market dynamics and suggests growing interest from traders looking for alternative investments amid broader cryptocurrency volatility.

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