Meme coins are surging again, fueled by the return of social media celebrity Roaring Kitty. However, one analyst warns that PEPE could be headed for a price drop.
Meme Coin Frenzy
Keith Gill, aka Roaring Kitty, is back online, sparking excitement in the meme coin market.
Lesser-known meme coins like MOG Coin, Popcat, and Book of Meme are seeing significant gains.
Established players like Dogecoin and Shiba Inu are also on the rise.
Not All Coins Created Equal
Analyst Ali Martinez cautions that the meme coin rally might not benefit everyone.
He specifically highlights PEPE as a potential candidate for a price retracement.
Warning Signs for PEPE
PEPE is facing bearish pressure, with a potential break below a key trendline.
Technical indicators like the TD Sequential and RSI suggest a weakening bullish trend.
A drop below $0.00001 could lead to a further decline towards $0.0000055.
A Glimmer of Hope for Bulls
The bulls are trying to defend the 20-day EMA level, which could trigger a rebound.
Current Status
PEPE is currently trading at $0.0000102, down over 4.9% in the last day.
While the meme coin market is experiencing a resurgence, investors should be cautious and consider technical analysis before investing in PEPE.
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Disclaimer: This article is for informational purposes only and should not be considered financial advice. Please consult with a qualified financial professional before making any investment decisions.
Source: CoinPedia
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