Pepe Coin has experienced a significant decline in the last 24 hours, with its price plummeting over 7% to trade at $0.0000072. This dip comes amidst heightened market volatility and a surge in trading volume, as investors offload their holdings in the meme coin. However, despite this recent pullback, Pepe remains in the green on the weekly timeframe, boasting a 44% surge driven by Coinbase’s listing of PEPE perpetual futures.
On the 4-hour chart for PEPE/USDT, the meme coin faced rejection at the $0.00000829 resistance level, initiating a negative sequence in its price movement. Over the past day, Pepe has formed a negative price channel, marked by lower lows and lower highs. Currently, Pepe rests on the key support level at $0.00000705, with a potential downside target at $0.00000631 if sellers manage to breach this support level.
While Pepe’s price hovers near key support levels, the possibility of a further decline remains significant. Technical indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) both signal a bearish trend. The RSI breaking below its Simple Moving Average (SMA) line suggests increased selling pressure, while the MACD line falling below the MACD Signal indicates the end of PEPE’s short-term bullish period.
Despite attempts to defend supply zones, Pepe price fell nearly 12% from its day’s high, facing strong bearish pressure around the $0.0000087 level. If bears continue to dominate, Pepe could find support at the 20-day EMA and 50-day EMA confluence near $0.00000612, or potentially drop further to the 0.236 FIB support at $0.0000044.
Analyzing the PEPE/USD chart, we witness a rollercoaster of value shifts. The price recently touched a high of 0.0000076426 USD before succumbing to a downward correction. The volatility is captured between the Keltner Channels, with the price action oscillating between bullish climbs and bearish retracements. The coin’s value, at the time of the last candlestick, hovers around 0.0000076418 USD, reflecting the dynamic and fast-paced nature of cryptocurrency markets.
