- Pepe token gains 3.76% in 24 hours
- Lost over 17.76% in the past week
- Potential resurgence if support zone holds
Pepe token saw a slight resurgence on January 10, but it was not enough to recover from this week’s losses. Over the past 24 hours, $PEPE went from $0.00001706 to currently trading at $0.00001771 per coin.
This increase made the memecoin gain 3.76% in value over the course of the day, according to CoinMarketCap. However, the charts reveal a not-so-optimistic scenario when bringing the scope for a broader timeframe. Over the last seven days, Pepe lost over 17.76% in value.
At the start of the year, the memecoin saw a major rally after Elon Musk changed his profile picture to an image of a frog wearing ancient Roman attire. This major pump inherited by the notorious billionaire caused the crypto to reach as high as $0.00002157 by January 3rd.
Food For Thought, Will Pepe Regain the $0.000020 Margin?
This week’s crash caused the first frog-inspired currency to lose the key support zone of $0.000020. This zone has served as an important price action trigger for Pepe during the most recent all-time high push.
One of the only optimistic perspectives about its weekly performance is the fact that—at this time of writing— $PEPE saw a newfound support zone at the previous ATH at $0.000017.
Adding to this perspective, the Relative Strength Index indicator (RSI) pointed out that this week’s dropdown caused the memecoin to hit “oversold” levels at 21.86 specifically when sellers tried to bring the value of the coin down from this margin.
If buyers are able to maintain this margin for a couple of days, there is a good chance the currency will see a resurgence before the end of the month.
While nothing is guaranteed in the cryptocurrency market—the underwhelming majority of investors are banking on another bull run around January 20, when Donald Trump takes office as the next U.S. President.
Trump’s influence and apparently pro-crypto cabinet could cause a major influx of funds back into the market, potentially sparking another rally for Pepe as well.
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