Over the past 24 hours, the PEPE price has seen a notable 4.59% lapse as a frontrunner to an average 2.77% decline among meme coins. Some analysts cite this as the beginning of a wider downtrend, cautioning a potential “major drop.”
Indeed, PEPE appears to be amidst a turnaround as its gains over the past week wane, retaining just a 4.4% rise since last Thursday while other notable meme coins hold strong.
This sentiment is mirrored by a shift in trader behavior, as PEPE’s trading volume slumps 14.95% to $729 million over the past 24 hours—raising the question of whether PEPE is still the play to make.
Analysts Caution ‘Major Drop’: How Low Will PEPE Go?
In an October 8th X post, market analyst Alan Sanatana cautioned the “start of a down-wave” as Pepe’s 55-day uptrend appears to have come to an abrupt end last week.
While this sudden shift could be seen as a correction following PEPE’s recent surge, Santana cited technical patterns as grounds that a “major drop is developing and will show itself on the chart soon.”
PEPE/USDT 1D chart, lower highs, lower lows pattern. Source: Alan Santana / XWhile the PEPE price ended September on a high note, Santana noted this as a lower high compared to July.
The analyst cited this as the emergence of lower highs, lower lows pattern, setting the precedent that October may follow suit, potentially setting a lower low compared to the $0.7 trough in August.
Just as everything grew after the August low, everything will move down after the recent high.
He noted that the “bearish move can last anything between 22 and 27 days,” setting the stage for a prolonged downturn. With this pattern, the past support at $0.4 seems a credible target for a potential low, marking a 66% decline from last week’s turning point.
Notably, these technical developments contrast with the widely bullish narrative forming for the cryptocurrency space as we enter what is anticipated to be a strong final quarter of the year.
While meme coins remain at the forefront of recent rallies in a “meme coin supercycle,” the PEPE price weakens as it struggles to find the momentum needed to affirm its uptrend.
A Pepe Coin is Making Waves, But It’s Not $PEPE
As meme coin supercycle hype mounts, printing opportunities like $MOODENG and $NIERO in their abrupt rise to prominence, it seems like Pepe might not be the play this cycle.
Traders seeking to enhance their potential gains could benefit from diversifying into smaller-cap coins, which often have the potential for exponential rallies.
Enter Pepe Unchained ($PEPU), a meme coin that transcends conventional utility. It tackles two of the most significant pain points in the current crypto landscape: transaction speeds and fees.
This liberated evolution of Pepe operates on its own Layer 2 chain, freeing itself from Ethereum’s shackles, offering lower fees and 100x faster transaction speeds.
It’s not just a meme coin, it’s a meme chain! Something that may be credited to its instant success, raising almost $18.5 million in its presale so far!
This confidence can also be attributed to Pepe Unchained’s commitment to transparency. It has undergone two audits and features its own block explorer, allowing users to track all transactions on its unique chain.
At a temporary fixed presale price of $0.00995, those who act quickly stand to benefit the most. Investors are currently earning an impressive 118% APY. This presents a valuable passive income opportunity, even amidst recent market volatility.
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The post Pepe Coin Price Outlook: Major Drop Looms as Analyst Sees 66% Crash Amid Supercycle Hype appeared first on Cryptonews.
