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- 1 At press time, the Pepe price was trading close to $0.0000064, registering a 4.75% loss intraday on Tuesday.
- 2 The 20-Day EMA failed to hold the price indicating the strength of the selling pressure.
The Pepe crypto continued to drop further on Tuesday and has broken below the 20-Day EMA as of press time. The bears continued to dominate for the second consecutive day of this week and have made a breakdown below the weekly low value.
Moreover, the Pepe crypto has been losing steadily for the last five intraday sessions starting from a high of $0.0000099. The price has fallen nearly 35% from the recent swing high.
The selling pressure is backed by momentum and the crypto might continue to lose in the forthcoming sessions. The bulls need to accumulate the lows to prevent the further fall.
Pepe Crypto Volatility Increases As Price Drops!
The chart displays the change in volume and volatility in comparison with the price movement in Pepe crypto. On observation, it showed that PEPE crypto witnessed a sharp fall in the recent sessions. Correspondingly, there has been a significant rise in the volatility in Pepe crypto. The rise in volatility signifies the increase in selling volume inflow.
Also, the volume analysis shows that Pepe crypto witnessed a significant surge in the volume received and a massive jump in the price in the last week of February. The volume and price continued to rise till the first two weeks of March 2024. However, a sharp drop in the volume was observed in the last week which has also impacted the price negatively as the price is headed towards the lower side in recent sessions. The average volume inflow has dropped from $2.4 Billion to $1.2 Billion in the last one week.
Active Addresses Declined Significantly In The Recent Sessions!
The above chart displays a change in the active addresses along with the fluctuation in the Pepe price. On observation, it was found that the active addresses noted an upward trajectory in the last week of February 2024 and continued to surge till the 1st week of March 2024. The 7-day active addresses saw a jump from that of 10K in February to that of 50K in the 1st week of March.
The recent data shows that last week saw a drop in the active addresses from 50k to 32.9K this week. The decrease in the active addresses has negatively impacted the price as the crypto has witnessed a short-term downfall.
Pepe Crypto Indicator Analysis
From a technical point of view, the RSI line was placed close to the mean line at 51.7 points and that of the SMA line was placed slightly in the overbought region at 72.03 points. Also, the RSI line has withdrawn from an overbought region indicating the price correction after entering an overbought zone.
Moreover, the Pepe cryptocurrency has made a breakdown below the dynamic support of 20-Day EMA suggesting a weakness in the trend. The price may dig lower for a correction if the buyers fail to hold near the 20-Day EMA.
Pepe Crypto Price Short Term Outlook.
The short term trend outlook has slightly shifted towards the negative side after Pepe broke below the 20-Day EMA. On the lower side, the 50 and 200-Day EMAs may act as dynamic support levels and will halt the further fall.
The recent support on the lower side is $0.0000055, the breakdown below which may drag the Pepe coin towards the next lower support levels of $0.0000045 and $0.0000025.
Also, if the bulls make a comeback in the later sessions and the price advances above $0.0000081, it may validate the dominance of the bulls at the lower levels and the crypto may resume on its upward trajectory.
Conclusion
The Pepe crypto has been losing steadily for the last few sessions and has tumbled below the 20-Day EMA. The short-term trend is weakening and is turning bearish. The recent price decline wiped out nearly 35% from the recent swing high. The bears are on the winning side in the short term. The volatility has risen and the active wallets have decreased in the recent sessions.
Technical levels:
- Support Levels: $0.0000059 and $0.0000045.
- Resistance Levels: $0.0000081 and $0.0000099.
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.
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.
