- PEPE’s price has experienced a significant decline, dropping over 10% in the past week.
- Indicators across the market are predominantly negative for the memecoin.
- PEPE finds itself at a critical level that might determine its upcoming trajectory.
PEPE’s recent market activity poses critical questions about its near-term future, highlighting significant bearish trends.
PEPE Breaks Crucial Support Level
The latest data from CoinMarketCap indicates that PEPE’s value has decreased substantially, falling by more than 10% over the last seven days. Within the past 24 hours alone, it observed an 8% correction, bringing its current price to $0.00001082 and its market cap to over $4.55 billion.
This downtrend saw the memecoin break through a vital support at $0.00001083, which could accelerate further declines if the bearish momentum continues. According to data from Hyblock Capital, should the bearish trend persist, PEPE could tumble to $0.00000932, triggering a wave of liquidations. A decline beyond this threshold could see it dropping to $0.000008.
Conversely, a bullish reversal might push PEPE up to $0.000012 in the near term.
Evaluating PEPE’s Prospects
A closer examination of PEPE’s on-chain metrics via Santiment reveals that the memecoin’s MVRV ratio has dramatically decreased, signaling potential bearish pressure. However, there has been a notable reduction in selling pressure, as evidenced by the declining exchange supply and rising non-exchange supply.
Despite this, whale investors seem to pull back, with data showing a decrease in the supply held by top addresses. On the other hand, retail investors appear more confident, as indicated by an uptick in PEPE’s weighted sentiment, pointing to rising bullish sentiment.
Daily Chart Insights
Analyzing PEPE’s daily chart reveals mixed signals. The MACD indicator shows bullish trends, while the Relative Strength Index (RSI) trending downwards suggests that further declines could be imminent. Yet, the Chaikin Money Flow (CMF) was on an upward trend as of June 20, adding a layer of positivity to the short-term outlook.
Conclusion
In summary, while PEPE faces substantial bearish pressures and critical support challenges, there are mixed signals that offer a cautiously optimistic view. Investors should closely monitor these indicators for a clearer understanding of PEPE’s future trajectory, particularly the actions of both whales and retail investors.
