Pepe coin price slid further in the last 24 hours as Bitcoin price dropped once more below $56,000. This happens against the backdrop of the highly anticipated Non–Farm Payrolls (NFP) report to be released on Friday, September 6, at 8:30 ET. The price of PEPE hangs at a dangerous position at a historic support level, risking a 26% drop if the data underperforms expectations.
Non–Farm Payrolls Impact on Pepe Coin Price
The U.S. Non–Farm Payrolls (NFP) report provides valuable insights into the health of the economy by shedding more light on the U.S. job market. Market analysts and economists anticipate the report showing that the U.S. created 130,000 to 200,000 new jobs, with a net average of around 164,000 new jobs over August. In contrast, the July Jobs report came in at 114,000, lower than 206,000 in June.
If tomorrow’s NFP report comes in lower than the expected 164,000 or the unemployment rate remains elevated, the Fed will focus more on reducing unemployment and creating more jobs and resort to a 50 bp rate cut that is bearish since it may suppress economic growth and increase unemployment.
Bitcoin price often reacts to NFP data, and depending on how tomorrow’s report goes, the price of BTC may rise or drop lower. If it tanks, Pepe coin price may break below a key support level that could sink it 26% lower.
Escalating Death Cross Risks
Pepe coin price continues to trend lower as sell pressure overwhelms the entire market. The price of PEPE dropped by 3.2% over the last 24 hours to trade at $0.00000709. This price also coincides with the bottom of a range the meme coin has been in for the last 33 days.
If the PEPE price breaks below this support level, it may drop 26% lower to $0.00000520, a new yearly low following the August 5 crash. Additionally, the 50-day Exponential Moving Average (EMA) is approaching the 200-day EMA from the top, which is a classic sign of an impending Death Cross.
If this indicator completes forming, it may signal a prolonged downward movement for PEPE price.
On the other hand, if tomorrow’s NFP report meets expectations, the Bitcoin price could rally, boosting the entire market. In this scenario, Pepe Coin price may avoid the looming bearish signal and surge 27% to $0.00000900. This move would push the asset above both EMAs, shifting the outlook from bearish to bullish.
Ultimately, the PEPE price is closely tied to the Ethereum price and, by extension, the Bitcoin price. Tomorrow’s report will likely determine the direction for Pepe Coin and the broader crypto market.
Frequently Asked Questions (FAQs)
The NFP report provides insights into the U.S. job market, influencing market trends, including cryptocurrency prices.
A Death Cross occurs when the 50-day EMA crosses below the 200-day EMA, signaling potential prolonged downward price movement.
If the NFP report meets expectations and Bitcoin rallies, Pepe Coin could rise 27%, shifting its outlook from bearish to bullish.
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Evans Karanja
Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/pepe-coin-price-risks-sell-off-as-death-cross-looms-ahead-of-nfp-report/
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