Is It Time to Buy When PEPE Dips 8% from Recent Highs? After reaching new all-time highs earlier this week, Pepe coin has been on a steady decline, now down 12% from its peak. Traders are contemplating whether this dip presents a buying opportunity.
Just last week, the unexpected return of GameStop legend Roaring Kitty propelled Pepe to new heights at $0.000011, reminiscent of the meme stock surge of 2021.
However, since then, Pepe has retreated to slightly over $0.00010.
Chart analysis suggests it might be premature to buy this pullback. Let's delve into why.
When Will Pepe's Price Decline Enough to Trigger Buying Interest?
Despite the recent drop, bullish sentiment prevails for Pepe. Supported by key short-term moving averages, the meme currency still maintains a significant premium.
Earlier this week, Pepe broke an ascending triangular structure. Traders eyeing long positions should await a retest of the upper boundaries of this triangle, potentially around $0.00000920, which could offer solid price support.
With a market capitalization of just under $4.3 billion, Pepe holds considerable potential for further growth amid its escalating popularity.
Bullish investors envision Pepe competing with leading meme currencies like DOGE and SHIB, boasting market caps of $21.9 billion and $14.6 billion, respectively, along with substantial Twitter followings.