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Cryptocurrency markets have witnessed a downward trend. However, one meme coin seems largely unaffected by this downturn. Pepe (PEPE) price did not show any signs of slowing down despite the increased selling pressure in the cryptocurrency market on May 10th. While Bitcoin (BTC), the flagship cryptocurrency, fell by about 4%, many altcoins experienced double-digit declines. Yet, the meme coin PEPE remained steady.
Current Status of PEPE Price
Pepe‘s price movement appears to be gaining strong momentum towards surpassing its local peak on March 14th. This situation indicates that meme coin PEPE is ahead of many altcoins. In the last month, PEPE has risen by 134%, rapidly ascending and carrying more potential.
Currently, Pepe’s price fluctuates between $0.00581 and $0.0108, recently holding above the midpoint of this range at $0.00835. This movement is supported especially as indicators like the Daily Relative Strength Index (RSI) and Awesome Oscillator (AO) rise above the levels of 50 and 0, respectively. These metrics show that the bullish trend is strong and that momentum continues to increase.
If the overall outlook of the crypto market does not turn negative, Pepe’s price is likely to perform better compared to others. The cryptocurrency PEPE could bounce from the $0.00835 level and initiate a 25% rally towards the $0.0108 peak. This indicates that Pepe has strong potential for a near-term rise.
When Will the Bullish Thesis Become Invalid?
If the cryptocurrency Pepe’s price surpasses the May 8th low of $0.00760 with a daily candlestick closing below it, this would indicate a weakening of the bull market‘s strength. This situation could lead to a lower dip formation and invalidate the bullish expectations for PEPE.
If panicked investors begin to sell off their PEPE cryptocurrency tokens, the price of Pepe coin could drop by approximately 25% and fall to a lower level of $0.00581. Pepe coin is trading at $0.00000847 at the time of writing this article.
