The crypto world has seen a rise in the creation of meme community coins inspired by celebrities like Elon Musk, Tesla, and Andrew Tate, or viral memes like Pepe. Pepe Coin aims to launch a decentralized network for meme enthusiasts to trade digital assets based on their favorite memes.
As the chart shows, the PEPE coin price failed to break its main resistance and is falling towards L1. It has two support levels at L1 and the 50-moving average. If it goes below these levels, it could drop near L2 as shown in the chart below.
PEPE Technical Analysis
EMA: Looking at the daily timeframe of PEPE, we can see that price has slipped beneath the 20-day and falling toward the 50-day moving average. However, a bullish crossover seems to be a positive sign for the forthcoming days. Based upon this, if PEPE manages to sustain above the 50-day moving average, it can show a very good uptrend in the upcoming days.
RSI: Based upon the current momentum of the market, the PEPE has taken the reverse from major resistance and moving towards the support level.
RSI has reversed from the oversold zone and is slipped below the level of 50. However, the RSI line crosses the 14 SMA line in a downward direction which is a negative sign and can lead to a downtrend in the upcoming days.
Market Structure: PEPE price prediction suggests bearishness in the chart. The sellers are dominating on the higher levels. However, the PEPE price is near the support and buyers will try their best to rebound. Moreover, the probability of testing the previous lows in the coming days remains high. The investors’ sentiments regarding Pepe coin price are taking a negative turn.
Conclusion
PEPE has been declining from its high levels. However, it is currently in a downtrend after breaking below the 20-day moving average. If PEPE cannot stop the bearish pressure, it may form a new lower-low pattern shortly and prolong the downtrend. The current scenario requires traders and investors to be patient and look for a clear break below or above the range before making any moves and avoid the fear of missing out to minimize losses.
Technical Levels
- Support – The current support level is $0.0000013653.
- Resistance –The current resistance level is $0.0000018893.
Disclaimer
The information provided in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/07/10/pepe-price-prediction-lets-find-whats-coming-next-in-2023/