Pepe Coin Frenzy is Almost Over, Experts Believe it Could Dump More

Meme coins have been the focus of the crypto world for a few years now, as investors seek high profits. Pepecoin, one of the meme coins generating headlines, had the potential to make investors billionaires. However, there is a new player in the game with more intriguing features and incredible profits. 

PEPE's current price marks a 12% drop in the last week and a 21% drop in the last two weeks, but the meme coin is still up 9% in the last 30 days and over 2,000% since CoinGecko began tracking it. 

However, PEPE's recent dips indicate that the coin may have lost momentum, with no new big exchange listings on the horizon. Let's look into what experts have to say about Pepe Coin's future.

Pepe Coin Entering into a Bearish Zone

Crypto traders are keeping a close eye on $PEPE since it appears to be creating a descending triangle pattern, which is frequently regarded as a very bearish indicator in technical analysis.

crypto trading page on Twitter under the username "Trade Express" aware investors to take caution, as the analyst believes the digital asset might plummet by 40% from its current position. It's crucial to remember, however, that this prediction comes with a caveat: No Financial Advice (NFA). 

Another technical analysis by Token Evangelist offers a concerning prediction for the price of #pepecoin. The appearance of a traditional head-and-shoulders (H&S) pattern indicates an impending slump, prompting investor anxiety. Prepare for a possibly dramatic shift in the cryptocurrency industry. 

All these means that Pepe coin is surely losing its vitality in the memecoin industry. This indicates that the 3rd ranked memecoin will soon see a bottom line.

Pepe Coin Price Analysis

At the press time, Pepe (PEPE) is trading at $0.00000129, with a 24-hour trading volume of $125,930,969. This indicates a 5.71% increase in the last 24 hours and a -9.33% decrease in the last seven days. Pepe has a market valuation of $542,528,633 and a circulation supply of 420 Trillion PEPE.

PEPE's small bounce today implies that it is on the verge of rising, with its indicators indicating renewed vigour.

For one thing, PEPE's 30-day moving average (yellow) has moderated its recent severe slide and is ready to resume ascending towards its 200-day moving average (blue), at which time a breakthrough might commence.

Simultaneously, the coin's relative strength index (purple) has risen from a low of 20 yesterday to slightly over 50 today, indicating that PEPE may continue to rise in the coming days. Even better, PEPE's support level (green) shows that the recent selloff has peaked and that the only way to go now is up.

Source: TradingView

Conclusion

PEPE has already gained high-profile listings from Binance, OKX, and Kraken, thus there aren't many significant trading platforms that don't support it.

As a result, it's difficult to see where a bullish news story may come from, given that the meme token's 24-hour trading volume has dropped from more than $2 billion in early May to around $120 million today.

This shows a significant drop in interest in the token, while certain data, such as the amount of the coin held in the top 100 PEPE-holding wallets, suggests that whales may be steadily accumulating it.