PEPE Token Price Analysis: Will This Coin Reach the $1 Price Level?

• The PEPE token can reach $0.000001 in 2023.
• PEPE token is 81.85% down from its all-time high.
• The crypto asset is trading at $0.00000079 with a repulse of 3.30% in a day.

Being a deflationary meme coin, PEPE was built on the Ethereum blockchain. The creator of the PEPE token is Matt Furie. The token was made to pay tribute to Pepe the Frog, which was a popular internet meme in early 2000.

The token marked its all-time high on 5th May 2023, when its price touched the $0.000004354 value. On 14 July 2023, The token started a bearish move and since then the price has dumped about 118%.

1. The token has a circulating supply of 391.79T PEPE.
2. The last 24-hour volume of the token is $74 Million with an increase of 1.2%.
3. This cryptocurrency’s total market capitalization is approximately $309.6 Million.

Sentiment Analysis of the PEPE Coin

The PEPE token’s price decreased by 12.11% in the last 1 week. Its total market value has also decreased by 17.67%. The average social dominance has increased by 47.23% and the total Reddit volume has grown a lot with a rise of 708.3%. 

The PEPE community is very strong on social platforms, Yet, the volume and the price of the token are bearish. The overall sentiments indicate a bearish move in the token.

Technical Analysis (Daily)

The price of the token has been in a bearish price action for the last 2 months. The support of $0.000000146 and $0.00000085 are being broken. It is indicating a strong bearish movement. If the price gets reversed from the last support, we can get an upward rally to the $0.000000146 support. It is now acting as a resistance.

The RSI is under the oversold region and the current point of RSI is 29.00.

The SMA 14 is currently at 32.52. Both SMA 14 and RSI are below the neutral level.

In MACD, both EMA’s are moving below the 0 level. The histogram shows a fall in the volume of the token. It indicates a bearish scenario.

Can the PEPE Crypto Reach $1 or 1 Cent?

The token has been listed on some of the biggest exchanges, like Kucoin, Coinbase, and Binance. This crypto asset has reached a milestone of a market cap value of $2 Billion as a meme coin.

The token’s value can increase, but it may not touch the $1 or 1 cent mark because of its huge token supply. The future of meme coins is also pretty suspicious and doubtful.

They can change the direction of the price as there is very high volatility in these types of tokens. 

Conclusion:

The overall analysis of the token indicates a bearish scenario. All the supports are being broken by the price. Currently, the price is trading below all the supports. In the long term, the token’s price may become stronger if it gets the community’s support. 

Technical Levels:

SUPPORT –  $0.000000146, $0.00000085 

RESISTANCE – $0.000000189, $0.000000284 AND $0.000000373

Advice:

Trading in meme coins can be highly risky as the market is very volatile of the meme tokens. Perform your analysis and research before investing in any of the meme tokens to be on the safer side.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.