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ThecoinrepublicCryptocurrencyPEDRO Price Surged Over 18% Intraday: Did...
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PEDRO Price Surged Over 18% Intraday: Did The Sell-off Stop?

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Launched on 8 June, 2024, Pedro The Raccoon (PEDRO) memecoin has not shown an impressive start and failed to carry forward the early gains. After few hours of launch, the memecoin faced selling pressure and lost the initial gains.

However, the sellers have done their job and buyers have entered the battle, resulting in a noteworthy pullback of over 18% intraday.

Interestingly, PEDRO, named after the viral sensation Pedro the Dancing Raccoon, embodies the spirit of entertainment and community engagement on social media. 

It aims to captivate audiences worldwide, bringing joy and excitement to the decentralized finance (DeFi) space.

Last session, it formed a morning star formation and triggered a pullback which signifies that it might go higher ahead and will cross its recent ATH mark of $0.1261.

At press time, PEDRO price traded at $0.008687 with an intraday surge of 14.36%, reflecting buying momentum on the chart. Its trading volume rose over 42% in the last 24 hours.

The pair of PEDRO/BTC is at 0.000000232 BTC, and the market cap is $1.55 Million. Analysts are neutral and suggest that the PEDRO may regain the shine and will skyrocket in the upcoming sessions.

Could PEDRO Join the Memecoin Bull Rally Ahead?

As most of the memecoins are rallying in the crypto market and are in focus among the investors. This newly launched PEDRO memecoin might gain attention and will trigger a bull run soon.

Additionally, PEDRO is available at a discounted price and is giving a fresh opportunity to grab here.

Last week, the memecoin revealed a follow on selloff and made its recent low mark of $0.00649. Afterward, it bounced over 44% and retained the neutral region, which signifies the buyer accumulation at the bottom.

On its 4 hour chart analysis, a descending triangle formation was spotted and the memecoin is eyeing to breach the trendline barrier of $ 0.01000 mark

Source: TradingView

A break and close above the trendline will redirect the PEDRO price toward its upward trajectory soon.

The Relative Strength Index (RSI) curve witnessed a positive crossover and sails close to the midline region. Other than it, most of the technical indicators are guiding a possible reversal rally can be seen ahead.

Ranked at 4981 per the market cap, the memecoin has a total supply value of 99.89 million and has a volume to market cap ratio of 0.0888.

A tweet by @JackTheRippler states about the PEDRO memecoin.

Source: X

Notably, PEDRO on FTM foundation was massively snipped at launch yesterday, the numbers ran up crazily.

The immediate support levels for the Pedro The Raccoon memecoin are $0.008100 and $0.007800 , whereas the key upside hurdle is around $0.009200, followed by $0.009800

Conclusion

The PEDRO memecoin price retested its 20-day EMA mark and is trying to flip the selling pressure ahead. Notably, the smart money has entered at the lows and they might lift the PEDRO price again toward its peak soon. Once, PEDRO price crosses its ATH mark, it will join the memecoin party and will sprint ahead.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Adarsh Singh
Adarsh Singh
Adarsh ​​Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
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