PEPE Drops 20% From Record High, Signaling End of Rally
Pepe (PEPE) has dropped 20% from its all-time high, with technical indicators signaling a potential bearish trend. Key price levels to watch include $0.000015 for further declines or $0.000021 for a possible rebound.
The popular meme coin Pepe (PEPE) reached an all-time high of $0.000025 on November 14 but has since dropped 20% due to increased profit-taking.
Currently trading at $0.000020, price chart indicators suggest a potential for further decline. This analysis identifies key price levels that token holders should monitor.
Pepe Bears Establish Dominance
On the PEPE/USD one-day chart, the altcoin’s Chaikin Money Flow is poised to breach the zero line. As of this writing, this momentum indicator sits on the center line.
The CMF is an indicator that measures an asset’s accumulation and distribution by comparing the price movement with volume over a specified period. When it declines, it signals that there is more distribution (selling pressure) than accumulation (buying pressure), suggesting weakening bullish momentum.
The eventual decline in PEPE’s CMF below the zero line would confirm the trend reversal and signal the resurgence of bearish momentum, putting additional downward pressure on its price.
PEPE CMF. Source: TradingViewAdditionally, the setup of PEPE’s Moving Average Convergence Divergence (MACD) confirms this bearish bias. As of this writing, the token’s MACD line (blue) rests below the signal line (orange).
This indicator measures an asset’s price trends and momentum and identifies potential reversal points. As in PEPE’s case, when the MACD line is below the signal line, the asset’s price is experiencing downward momentum, signaling a selling opportunity for most traders.
PEPE MACD. Source: TradingViewPEPE Price Prediction: A Decline To $0.000015 Or Rally To All-Time High?
At press time, the PEPE token price is just above the critical support level of $0.0000018. Heightened selling pressure could push the meme coin below this threshold, potentially dropping its value to $0.000015.
PEPE Price Analysis. Source: TradingViewConversely, a surge in new demand could trigger a rebound toward $0.000021, and a decisive break above this level would set the PEPE token price on a trajectory to reclaim its all-time high of $0.000025.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Hedera Token Sees $2B Trading Spike Amid 5% Rally
ChatGPT’s head of product to testify in the DOJ’s antitrust case against Google
Share link:In this post: ChatGPT’s head of product, Nick Turley, has been added as a witness for the United States Department of Justice (DOJ) in its antitrust case against Google. Nick Turley is the latest addition to the witness list that features representatives from Perplexity and Microsoft. Google ramps up preparation for Turley’s testimony by asking for documents related to the hearing from OpenAI through a subpoena.
SEC charges New York blockchain engineer over GME rug pull fraud
Share link:In this post: Eric Zhu settled SEC fraud claims for orchestrating a rug pull scheme involving Game Coin. Zhu allegedly misappropriated $553K by moving unlocked liquidity provider tokens to his control. The case marks one of SEC Chair Gary Gensler’s final enforcement actions.