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PEPE Coin underwent an impressive run earlier this month, culminating in a significant peak that brought considerable profits to early-stage investors. However, as thrilling as the surge was, the bear market conditions resulted in its swift depreciation. The downturn was precipitated by a drop in Bitcoin prices and a southward slide after the expected ATH movement following the Binance listing.
PEPE Coin Analysis
Looking at the four-hour chart, the RSI once again dipped below the 40-level, something we saw before the rise on May 20. If buyers re-enter the game, the price could potentially replicate a similar move towards $0.0000018.
On the other hand, the market volume has regressed back to the levels seen prior to the significant upswing. PEPE Coin, which saw a peak daily volume of 2 billion dollars, had reached a 24-hour volume of 158 million dollars at the time of writing. The declining RSI signals over-selling, and the slackening volume reflects diminishing interest. Should we observe a sudden movement in Bitcoin prices, we could potentially witness a price increase for PEPE Coin in liquidity-starved markets.
But will the price of Bitcoin rise? That’s primarily dependent on the debt ceiling agreement expected to be finalized in the coming hours/days. Although current macroeconomic data supports a price rise, the default risk is keeping prices suppressed.
Should You Buy PEPE Coin?
Meme coins belong to a group of altcoins that are characterized by extreme volatility. Investors may incur profits or losses from sudden price spikes or drops. They do not generate substantial benefits, or they do so weakly; hence, loss of interest is a leading cause of value elimination for meme coins. Nevertheless, PEPE Coin appears stronger than other meme coins listed on smaller exchanges, especially since it is currently listed on Binance.
However, it’s essential to note that Binance listed this altcoin in the innovation category. The cryptocurrency exchange groups risky altcoins in this category, which it can subsequently delist. The innovation category, which could also be seen as a last-chance category, shows that PEPE Coin is always a high-risk altcoin. If the decrease in social media interest reaches significant levels, Binance could delist it, just like it has done with other altcoins before.
For now, the social media volume is good, with the volume being impressive compared to most altcoins, and the price maintains the $0.00000015 support. Long-term investors can consider making purchases under the condition of tracking the social volume and liquidity and setting a significant stop point like $0.000001.
