- PEPE price dropped after embarking on a significant rally.
- The meme coin gained over 2,000% weeks after it launched.
- PEPE price is currently in a sideways triangle, preparing a breakout toward new trend.
After a significant rally, PEPE, the newly launched meme coin made an extensive retracement. PEPE is trending sideways in a triangle that Crypto Tony, a Crypto Twitter analyst, believes would determine PEPE’s next direction.
In a tweet, Tony told his followers he was waiting for a break from a triangle before re-entering the trade.
$PEPE / $USD – Update Still waiting for that break of this triangle, before i look to enter again. What way do you think we break PEPE legends pic.twitter.com/cpgXUxirnu— Crypto Tony (@CryptoTony__) May 27, 2023
PEPE launched in the middle of April 2023 and generated significant interest one week afterward. With massive awareness and listing on top exchanges, PEPE attracted an influx of capital that caused its price to rally.
PEPE gained over 2,000% of its original value within two weeks to become one of the most profitable crypto assets for 2023. The rise also introduced PEPE into the class of top meme coins in the crypto industry, like SHIB and DOGE.
A swift retracement saw PEPE dropping by a significant margin. The price fell from $0.0000044867 to a local low of $0.0000010000, reflecting a loss of over 77%. Although PEPE attempted a rebound, the price has trended sideways, with users awaiting the next season of volatility.
As of the time of writing, only a few of Tony’s followers indicated an interest in PEPE’s price development. One follower believes the meme coin has run its course, and the community’s attention has shifted to another project, BOB. The user claimed he had moved his PEPE money to BOB.
Another of Tony’s respondents believes Bitcoin’s price movement determines what happens to PEPE. According to him, the same applies to several other cryptos. He believes users can gauge the next move for most crypto tokens by monitoring Bitcoin. PEPE traded at $0.0000015065 as of the time of writing after gaining 3.54% for the day.
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