Pepecoin (PEPE) Price Prediction July 2024

Bittime - In the last 24 hours, Pepecoin (PEPE), one of the most popular meme coins in the crypto market, has recorded a significant increase, following in the footsteps of Bitcoin's price but with a higher percentage increase. PEPE price movement is currently in an intra-day consolidation phase, which is typical of low-volume weekend trading.

Intra-Day Consolidation and Key Levels

PEPE is trading between the intra-day resistance level at $0.00000919 and the support level at $0.00000876.

Source: TradingView

Price movement within this range indicates a period of consolidation before significant movement occurs. A consolidation phase often precedes a breakout; in the case of PEPE, this can determine its short-term price direction.

Potensi Breakout Bullish

If bulls take over and push PEPE past the $0.00000919 resistance, the price could rise to $0.00001028. This potential rally is supported by the positive sentiment surrounding Bitcoin, which is currently in an uptrend. With whales and institutions buying Bitcoin at the current price, it is likely that Bitcoin will rally to $58k. This bullish sentiment will likely influence PEPE, pushing it past the psychological resistance of $0.0000100 and higher.

Market Sentiment and Investor Interest

PEPE's popularity as one of the top meme coins plays a significant role in its price dynamics. Meme coins often experience rapid price movements driven by social media hype and investor sentiment. 

If market sentiment shifts towards the belief that the crypto market has bottomed out, investors looking for high returns from meme coins may turn to PEPE as one of their first choices. PEPE's 10% price rebound today sent a positive signal to the market, indicating increased investor interest in this coin.

Bearish Scenario and Support Levels

Conversely, if bears take over and push PEPE past the $0.00000876 support, the price could retest yesterday's low of $0.00000767. This bearish scenario could occur if Bitcoin declines during the day. However, considering the current market sentiment and Bitcoin's recent rebound from a low of $53,557, the likelihood of a significant downside seems lower.

Market Sentiment Analysis

The market sentiment index is currently at 38, indicating investor fear. However, in times of maximum fear, investors have the best buying opportunities. This can be seen from the fact that whales have returned to the market. For context, Bitcoin hit a low of $53k yesterday and has since rebounded, indicating that a bottom may have been reached. 

This creates a favorable environment for PEPE to rally as PEPE's price action is closely tied to Bitcoin. The possibility of hitting a bottom in the market could also benefit PEPE, as investors may look for high-yielding opportunities in meme coins.

Looking Ahead: Crypto Bull Rally 2024/25

Given the current market conditions and the strong correlation between PEPE and Bitcoin, there is a high probability that PEPE could be on the verge of a significant rally. 

If Bitcoin continues to gain momentum and breaks $60k, PEPE could see a substantial increase in buying pressure. This could lead to a rally that may see PEPE 'clear some zeros' in what could be the start of the 2024/25 crypto bull rally.

Conclusion

PEPE is currently in a critical intra-day consolidation phase, tracking Bitcoin price action but with a higher percentage increase. Key levels to watch are intra-day resistance at $0.00000919 and support at $0.00000876. A breakout in either direction will determine PEPE's short-term price action. Given the positive sentiment surrounding Bitcoin and increasing interest in PEPE as a meme coin, chances are greater for a bullish breakout to $0.00001028 or higher.

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To be able to buy crypto assets at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

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