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Pepe (CRYPTO: PEPE) has suffered a 50% from its all-time highs in May, but traders think the meme coin’s fortunes may reverse soon.
What Happened: Pseudonymous trader CrediBULL Crypto commented on Pepe’s decline with the words, “Oh how the mighty have fallen.”
He further added that “range lows are a good place for at least some relief- the time to be bearish was at the highs, not here."
The analyst’s advice to "look for a wick into the range lows" suggests that investors should be on the lookout for signs of a market recovery.
Another crypto trader predicts Pepe to go up soon, as it is consolidating above the key 4-hour level with key indicators flipping bullish. He added that if Bitcoin holds here there will be a "pop soon."
The Don Of Apes also predicted a breakout of the descending channel.
Also Read: PEPE Bearish? ‘The Only Pair That Matters’ Looks Good, Trader Says
Why It Matters: IntoTheBlock data shows Pepe's large transaction volume decreased by 45.1%, while daily active addresses increased by 11.4%. Transactions greater than $100,000 dropped from 217 to 98 over the past seven days.
Over the past 24 hours, Pepe's trading volume stands at $696.4 million, compared to Dogecoin's $620.7 million and Shiba Inu's $200.5 million.
The traders' views are closely followed by many in the crypto community, and these perspectives on the market’s potential recovery could influence investor sentiment.
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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Image: Shutterstock
Posted In: $PEPE
