PEPE price has been sending mixed signals since the beginning of September, getting some investors to weigh increasing their holdings, while some remain largely skeptical. Meme coins have generally struggled to build a bullish sentiment as utility coins like Bitcoin, Ethereum, XRP and Solana become more attractive. As a result, PEPE price is down by 45% year-to-date, with market bellwether, BTC up by 23%, ETH up by 34%, XRP at +45% and Solana having gained 23%.
With institutions lining up to take up utility-based crypto, and with XRP and Solana spot ETFs pending approvals in the next few weeks, meme coins are likely to continue underperforming. Nonetheless, PEPE’s 5% gain in the last week has put it in a stable pedestal ahead of the highly-anticipated Fed interest rate decision . A rate cut will likely inject a risk-on sentiment, which could increase inclination towards high-risk assets like meme coins.
In essence, the recent surge in the price of PEPE shows that the meme coin sector has got some underlying anticipatory bullishness. Also, whales ae likely strategically accumulating, and a daily RSI at 52 adds to the optimistic outlook. However, because it is based on speculative momentum, it is susceptible to a high volatility in case of unexpected shifts in market sentiment such as the forthcoming Fed rate decision.
PEPE Price Forecast
The momentum on PEPE price favours the sellers to stay in control if resistance persists at $0.000011. That will likely see primary support established at $0.0000107. A stronger downward momentum will break below that level and could push the coin lower to test $0.0000102.
Alternatively, the momentum could swing to the upside if the PEPEUSD pair goes above $0.0000110. In that case, initial resistance is likely to be at $0.0000112. The downside narrative will be invalid above that level. Also, such momentum could potentially push the coin higher and test $0.0000116 in extension.
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