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With the price hovering just above a crucial support level, PEPE is nearing a pivotal juncture.
Key Support levels: $0.00000149
Key Resistance levels: $0.00000164
1. Uptrend Lost
PEPE experienced a price increase during its surge in June, but this quickly came to an end in early July after reaching a local peak. Since that time, the price has entered a downtrend, which has thus far found some respite at the significant support level of $0.00000149. However, with six consecutive daily candles closing in the red, PEPE is currently not in a robust position.
Chart by TradingView
2. MACD Bearish Crossover
The daily MACD for PEPE executed a bearish crossover on Sunday, coinciding with the price’s loss of its upward momentum. Together, these indicators suggest a bearish inclination, which is likely to persist unless buyers reemerge.
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Chart by TradingView
3. Support Under Pressure
The critical support at $0.00000149 is facing ongoing pressure from sellers. Trading volume has consistently closed in the red for several days, and buyers are noticeably absent. This situation increases the likelihood of a breakdown based on the current price action.
Chart by TradingView
Bias
The prevailing bias for PEPE is bearish.
Short-Term Prediction for PEPE Price
This meme coin is currently in a vulnerable state, and bears may capitalize on this weakness. Should the existing support fail, the price could swiftly decline to $0.00000136, which represents the next support level.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
