Pepe Down 8% In A Single Day, But Trader Calls It 'Healthy': What Is Going On?

Pepe PEPE/USD is down 8% on the day but traders remain convinced the meme coin looks fundamentally solid and primed for more upside.

What Happened: Crypto trader Davie Satoshi shared his analysis of PEPE’s market performance, saying that a technical indicator shows bearish momentum. According to the trader, this explains the recent dip.

He sees two strong support lines that he expects to hold, constituting a healthy consolidation phase before further upside. The trader marked three key resistances on the chart:

Here's the $PEPE update
We see momentum turning bearish on the short term with a Stoch RSI downward crossover on the 3 day chart. The red candle back down was expected as $PEPE resets its indicators. There are two strong support line that are expected to hold. I suspect some… pic.twitter.com/5mQrzzB7ZY

— davie satoshi (@NFTdavie) October 1, 2024

Another crypto trader believes the meme coin is undergoing a bullish retest and sees this as a dip before further upside.

Also Read: Binance Trader Says ‘Stars Are Aligned For Q4 To Be Bullish’: His Shopping List Includes Dogwifhat, Pepe But No Dogecoin, Shiba Inu

IntoTheBlock data shows large transaction volume decreasing by 14% and daily active addresses rising by 9%. Despite a significant price drop, Pepe's trading volume in the past 24 hours exceeded the combined volume of Dogecoin and Shiba Inu but has underperformed its rivals, which are only down 3% and 0.1%, respectively.

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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• Could PEPE, WIF, And POPCAT Outshine Shiba Inu And Dogecoin In The Next Meme Coin Rally?

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