PEPE price has witnessed a strong decline since the formation of the annual high at $0.00000439, during the month of May 2023. On June 15, 2023, the cryptocurrency price formed support at $0.0000009 and regained bullish momentum.
The whole crypto market was surging due to a rise in positive sentiment which was caused by the announcement of BlackRock filing for Bitcoin Spot ETF.
After the bullish rally, PEPE price entered into a consolidation zone ranging between $0.00000140 and $0.00000185. The price consolidated for the whole of July. On 24 July 2023, the price finally gained bearish momentum and broke the resistance level of $0.00000140.
Possibilities For Pepe Price
Recently, the price formed a support at $0.00000130. The previous candle initiated a move to close below the support level but bulls pushed the price back above it.
If the current candle can break the low of the previous candle, there is the possibility that the price might melt toward the next support level of $0.00000090 causing a downfall of roughly 27.41%. For heading downward, a candle needs to close below the $0.0000013 support.
On the other hand, if the price can close above the support turned resistance of $0.0000014, it might re-enter the previous consolidation zone and head toward the resistance level of $0.00000185.
The 24-hour trading volume has surged by 49.98% but the market capitalization is down by 2.8%. The price is down 70.4% from the all-time of $0.00000439.
Will PEPE Price Melt to $0.0000009?
The cryptocurrency price trades below the 20 and 50-day exponential moving averages indicating bearish momentum in the price. Chaikin money flow (CMF) score is -0.10 implying weakness in the market. CMF has started to rise from -0.22 which indicates that buyers have started to enter the market and there is capital inflow.
The relative strength has declined below the 40 mark and is currently trading at 37.58 suggesting bearish momentum in the price. RSI has been trading below the 50 mark since 18 July 2023. The Bollinger bands have started to expand, indicating increasing volatility in the market.
PEPE price is continuing to trade near the lower band with no signs of a short-term pullback. The long/short ratio is 0.92 with 47.99% longs and 52.01% shorts indicating high pressure from the seller in the last 24 hours.
Conclusion
The market structure and price action of PEPE has bearish after the price shattered the support level of $0.00000140 level. Technical parameters are favoring the selling side but traders should wait for the price to close below the recent support of $0.00000130.
Technical Levels
- Major support: $0.00000090 and $0.00000070
- Major resistance: $0.00000175 and $0.00000185
