Analyst Oscar Ramos predicts that despite a downturn in the broader market, meme coins like Pepe (PEPE) will attract substantial attention due to their community-driven appeal and potential for high returns.
He cited these coins’ investment strategies and outcomes, suggesting they could yield significant gains. This comes as investors rake in substantial profits ahead of its recent price surge. This comes as investors also remained in earnings towards the end of the month, as the meme coin led the meme coin charts for the better part of this month.
Pepe Price Review: How is PEPE Doing?
Analyzing the meme coin’s charts, which analysts have been bullish on, we see that the price of the meme coin has been in a significant downtrend since late May, as indicated by the overall movement from higher left to lower right. Looking at other indicators, we see that the Alligator indicator, composed of three moving averages (the Jaw – blue, the Teeth – red, and the Lips – green), shows the lines widely spaced and ordered with the blue at the top, red in the middle, and green at the bottom. This configuration typically indicates a bearish trend, suggesting that the downward momentum might continue.
4-hour PEPE/USDT Chart: TradingView
Additionally, the AO shows bars transitioning from green to red below the zero line, indicating a strengthening bearish momentum. The most recent bars are red and becoming more profound, supporting the dominance of sellers in the market.
This technical analysis suggests that PEPE is currently in a bearish phase with the potential for further declines. Traders should monitor for trend reversal or stabilization before considering long positions. It’s also essential to keep an eye on broader market sentiments and news that could affect the price of PEPE. CoinMarketCap shows that the meme coin was trading at $0.0000125 as of 1:12 p.m. UTC, representing a 1.8% increase in the last 24 hours.
