Pepe Coin Price Prediction: Will PEPE Sink Further After Falling Below a Crucial Long-Term Lagging Indicator?
- WBOYOriginal
- 2024-08-08 18:06:28775browse
Pepe coin price remains one of the most resilient tokens in the recent market downturn. Touted as the most organically-driven meme coin, the price action of Pepe has maintained a rather bullish overtone so far.
Pepe coin price analysis shows a significant downtrend, with lower highs and lower lows visible on the 4-hour timeframe. The asset has several key support and resistance levels around the following zones:
Pepe coin price could drop 21% to $0.000006 if it fails to break above the current resistance level.
After a brief consolidation, the recent candlesticks form a bearish continuation pattern, indicating further downside potential. The current formation resembles a potential bear flag.
The downtrend suggests that Pepe is in a corrective wave pattern, with the possibility of further declines as the bearish momentum continues.
Technical indicators suggest that Pepe coin price may continue to move down in the short term.
The price is below the 50 EMA ($0.00000878) and the 200 EMA ($0.00001033), indicating strong bearish momentum, while the Relative Strength Index (RSI) is at 47.45, indicating that the asset is not oversold despite being below the neutral level, suggesting more downside potential.
The Chaikin Money Flow (CMF), which indicates the buy or sell pressure on an asset, is at -0.04, indicating a modest selling pressure.
The volume has been decreasing since August 5 as the price trends upward, forming a classic bearish divergence that indicates a possible continuation of the downtrend.
If Pepe rises above $0.000001031, it may invalidate the bearish thesis as it signals a strengthening market. Pepe may rise higher to reach the next major resistance zone, which is located at $0.000012 and $0.0000135.
Analysis of on-chain metrics by Coinalyze reveals that Pepe open interest (OI) has decreased by 5.8% over the last 24 hours, falling from yesterday’s 9.7%. The decline in OI, combined with the consolidating price, suggests a potential downside for Pepe coin price.
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