The price analysis of Pepe Memecoin reveals that PEPE is currently in the process of retesting key support levels of $0. 000011.The meme coin is now turning the previous all-time high into a support level after retesting the 1-day 100 EMA successfully. The traders are keenly observing the breakout from the 1-day downtrend, which can be considered as the right time to go long on PEPE, according to Crypto Scient.
The PEPE coin has been quite volatile, and its price has recently dropped from an all-time high (ATH) of $0.00001718, which has risen by 35% in the past few trading sessions. This decline was due to profit booking on the back of FOMO or the Fear of Missing Out. At the moment, PEPE is at $0. 0000114, which means that the stock price declined by 3% during the day. 90%. The price action indicates that PEPE is in a state of consolidation and has not been able to reclaim the previous high but has support levels.
PEPE Market Sentiment and Technical Indicators
The market sentiment for PEPE is still somewhat positive but with a certain level of skepticism. The weighted sentiment data of the coin has reduced by more than 11% this week, which shows that the investors’ confidence is low. However, PEPE’s relative strength index (RSI) at 44. 33 indicates that the coin is close to the oversold level, which may be a good entry point for those who expect the price to rise.
The MACD indicator is also bearish, with the MACD line below the signal line, suggesting that selling pressure is still active. PEPE remains bullish as it maintains its position above the upward trendline support at $0.0000105a0. A break below this support level could lead to a steep downside of up to 40% as pointed out by Crypto Patel.
PEPE Key Levels to Watch
Investors should pay particular attention to $0.000011 support level. If PEPE remains at this level, it may mean that it will continue to rise. A break and close above $0.00001320 would affirm the bullish reversal signal, which is a perfect signal for the traders to enter the market. On the other hand, if PEPE loses support, the coin may continue to decline and possibly reach $0.00001050 or lower.
PEPE has a market capitalization of $4.8 billion and a daily trading volume of $726 million. These figures show that there is a lot of interest and activity in the coin. The next few trading sessions will be decisive for PEPE’s further movement, and traders and investors will be closely monitoring the situation for a possible breakout or further decline.
