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- 1 Pepe price (PEPE) surged 0.10% in the last 24 hours and currently trades at $0.0000007915.
- 2 Pepe price (PEPE) is trading below the key moving average of 50 and 200 EMA indicating selling pressure in the stock.
The daily chart also shows that the PEPE price surged by about 50% in June. The bulls tried to reverse the overall trend in a positive direction. However, the price increase was taken as a chance for the bears to re-enter the market.
The price of PEPE plunged by almost 36% in August, reaching the bottom of a channel pattern that has been forming on the daily chart. The price has been following a downward trend and staying within the channel boundaries.
The higher levels acted as a strong resistance for the price and the bulls lost strength. The price then dropped, creating a channel pattern. Recently, the Pepe coin has formed a new swing low after the breakdown of the previous swing low.
Pepe Price Prediction Using Price Action Strategy
The PEPE price currently trades at $0.0000007915 and the price is having difficulty holding above the previous low. The price has formed a new swing low and consolidating at the lower levels indicates the lack of buyers in the market at the moment. The price may experience a drop to the lower support levels if breaks below the consolidation zone.
Also, it might be a good time for buyers to take over as the coin has formed a new swing low and it might gain buying volume to form a lower swing high or reverse its ongoing trend.
Also, the volume analysis shows that the volume received is less than the average volume indicating the weakness in the market. The PEPE token has received a $488.24 Million volume in the past 24 hours which is nearly 26% more than the past day.
PEPE Price Forecast from Indicators’ point of view
As per the EMA analysis, the PEPE price is trading below the key moving averages, 50 and 200 EMA, indicating a strong bearish trend prevailing in the market.
RSI has made a negative crossover of the SMA line indicating bearishness in the market. The RSI value is 30.20 and that of the SMA line is 29.7 indicating a consolidation in the price.
MACD lines are showing a bullish crossover. Also, histogram bars are being formed above the mean line of increasing height indicating a potential buying might be observed in the market.
Conclusion
The PEPE price has been falling within a channel pattern on the daily chart. The price surged by 50% in June, but the bears took over and pushed it down by 36% in August. The price has formed a new swing low and is struggling to hold above the previous low. The price may drop further if it breaks below the consolidation zone. Alternatively, it may rebound if it gains buying volume and forms a lower swing high or reverses the trend. The volume is low, indicating market weakness. The PEPE token has received $488.24 Million volume in the past 24 hours, which is 26% more than the previous day.
Technical Levels
- Support levels: $0.00000056 and $0.00000034.
- Resistance levels: $0.00000112 and $0.00000141.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
