The post Is the Pepe-Mania Over? What’s Stopping PEPE Price to Reach $0.0001? appeared first on Coinpedia Fintech News
Bitcoin is regaining its dominance as prices have surged by over 8% over the past weekend. The majority of the tokens, including memecoins like PEPE, have followed the start token, but have been struggling to reach the pivotal resistance. The Pepe price also appears to have been restricted below $0.00001, which suggests the bearish forces have held some grip over the rally.
Does this suggest the major tokens have outpowered the Memecoin mania as Pepe and the other tokens record marginal gains?
Ever since the price slipped down from the bullish pattern, the bulls are only offering a strong base but are failing to revive a strong ascending action. As a result, the BTC price has remained stuck within a narrow range, suggesting the token is experiencing an excessive squeeze. Now the question arises when will the PEPE price regain $0.0001?
The PEPE price has stabilized around $0.00000925 for over a week after facing rejection from around $0.00001125. Despite a minor rebound, the Ichimoku cloud remains bearish, displaying the possibility of a continued consolidation phase. Mainly because the DMI remains neutral but is speculated to turn bullish in the next few days. Until then, the PEPE price may continue to demonstrate a similar price action.
Regardless of the upcoming bullish trajectory, the memecoin craze does not appear to have superseded the major tokens as the dominance of Bitcoin is soaring. This indicates market participants have jumped back in favour of the star token, due to which liquidity flow to other altcoins or memecoins may remain limited. Therefore, until the next bullish event occurs, like the spot ETH ETF launch, the PEPE price may remain consolidated within the same range. However, if the markets turn bullish after the launch, the price may rise and secure above $0.00001.