Is It Too Late To Buy PEPE? Pepe price plunges 8% As The Bears Breach the $0.00001083 Support Level
The Pepe price has slipped by 8% today, with the PEPE/USD trading at $0.00001052. Its recent price movements and technical indicators suggest a bearish outlook. PEPE has also fallen 14% in the past 7 days, despite its 24-hour trading volume soaring 49% to $637 million, suggesting a rise in trading activity.
However, Chris Mc Crypto, a prominent crypto investor, has hinted at a bullish outlook in the PEPE market.
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$PEPE has done this before.
RSI ready for a bounce.
Let's see how the price action develops! pic.twitter.com/HW6Gn3SvzA
— Chris McCrypto (@ChrisMcCrypto) July 3, 2024
Often, when the RSI is in the oversold zone, the buyers might step in and capitalize on the RSI, propelling the price to higher levels. However, the question remains: will the PEPE bulls capitalize on the dip?
Pepe strives to establish itself as one of the top meme-based cryptocurrencies. Its tokens can be traded on crypto exchanges such as Bitget, where the most active trading pair, PEPE/USDT, has a trading volume of $40,265,992 in the last 24 hours.
PEPE Statistical Data
Based on Coinmarketcap data:
- PEPE price now – $0.00001052
- PEPE market cap – $4.53 billion
- PEPE total supply – 420.69 trillion
- PEPE circulating supply – 420.69 trillion
- PEPE ranking – #23
The Pepe price sellers seem to have the upper hand in the market as the PEPE price slumps down towards the lower trendline of the falling channel. The PEPE bulls found support at around $0.00001083 and tried to push the price higher. However, they found resistance at around $0.00001214 as the bears took over and painted the PEPE market bearish.
The big picture in the PEPE market remains bearish, as the technical indicators and price movements tilt the odds in favour of the sellers.
To start with, the Pepe price is trading below both the 50-day SMA and 200-day SMA (Simple Moving Average), reinforcing the bearish market outlook. The $0.00001181 and $0.00001246 (50-day and 200-day SMAs) act as immediate resistance keys in the market.
Moreover, the Relative Strength Index(RSI) is subdued below the 50-mean level. It sits at 31 in the oversold region, indicating that the sellers have the upper hand. In layperson’s language, if the RSI value is below the 50 threshold, it typically indicates that the cryptocurrency is on a downward trajectory. This suggests a bearish sentiment in the PEPE market as it hovers towards the 30-oversold zone.
On the other hand, the Moving Average Convergence Divergence (MACD) is hovering in the negative territory. The MACD line crossing below the signal line suggests that the short-term moving average is falling faster than the long-term moving average. Most traders usually identify this technical occurrence as an indication that the token has entered a short-term negative cycle. This implies increasing negative momentum in the asset’s price movement, intensifying the bearish stance.
PEPE Price Prediction
In the 4-hour chart analysis, the pepe price is trading bearishly, with the bears having the upper hand. The sellers have breached the $0.00001083 support level, which could lead to the bears driving the price to $0.000009800.
On the flip side, if the bulls capitalize on the RSI and MACD to buy more, it could push the market price above the immediate resistance levels (50-day and 200-day SMAs). In such a scenario, the Pepe price could soar to around $0.00001215 above the 50-day SMA, invalidating the bearish outlook.
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Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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