The Pepe price has gone up by 12.5% in the past 24 hours upon dropping below its key psychological support of $0.00001000 as the market seems to be aiming to recapture this area.
Trading volumes have gone up by nearly 43% during this same period as tensions in the Middle East could diminish following a cease-fire agreement proposed by President Donald Trump yesterday.
The latest developments concerning the war between Iran and Israel have contributed to depressing the value of this meme coin recently.
PEPE has accumulated a 50.2% loss since the year started while other meme coins like Pudgy Penguins (PENGU) and Brett (BRETT) have experienced much sharper losses of 70% and 64% respectively.
These declines could open up a timeless opportunity for traders to enter a long position at a more advantageous price.
One trader’s historic trade shows the importance of timing when investing in meme coins. Blockchain analysts discovered a wallet that bought 1.5 trillion PEPE coins, which were worth just $2,184 at the time, once the token was relatively unknown.
Just a few months later, that position was worth an eye-popping total of $43 million. Even though the price went down later, this trader managed to close the position with nearly $10 million in profits.
This example shows that this segment of the crypto market offers significant upside potential, especially if investors manage to catch the most promising crypto presales at an early stage.
Unfortunately, despite today’s uptick, the latest price action favors a bearish Pepe price prediction.
Pepe Price Prediction: PEPE Eyes $0.00000800 Level Upon Breaking Key Support
The latest drop in crypto valuations has pushed PEPE below its key support of $0.00001000.
Rising tensions in the Middle East have depressed market sentiment in record time. The Fear and Greed Index moved from a local peak of 76 (Greed) to 37 as of yesterday, meaning that investors were fearful of the impact that these developments could have on the performance of the assets.
Now the price of this meme coin seems headed to retest this former support area, which has now turned into resistance.
If the price action rejects a move to recapture that level, this would confirm a bearish outlook that could push PEPE to the $0.00000770 lows seen in early May. At that point, a rebound could be expected as daily support levels tend to be much stronger compared to lower time frames.
So, although PEPE may not offer the upside potential it once did, the best crypto presales like Solaxy (SOLX) could still produce life-changing wealth.
Solaxy (SOLX) Just Wrapped Up Its Successful Presale and It Is Now Listed on Uniswap
Solaxy (SOLX) is a layer-2 scaling protocol for the Solana blockchain that will eliminate the congestion issues that this network has experienced during peak usage periods.
This project completed its presale stage this week with more than $50 million raised and its utility token $SOLX is now available on Uniswap to be bought at an attractive price of $0.001129.
The token has delivered 24-hour gains of 68%. As its solution becomes widely adopted by top wallets and exchanges, the demand for $SOLX will skyrocket.
To know more about this project and buy $SOLX, head to the Solaxy website and connect your wallet (e.g. Best Wallet). You can either swap USDT or ETH for this token.
The post PEPE Price Prediction: Is There Still a Chance For 200X Gains On Pepe? This Trader’s Portfolio Hints At Yes appeared first on Cryptonews.
