Is it Time For Buyers To Take Charge?

The PEPE fell nearly 36% in the month of August, trading at the lower trendline of a parallel channel formed over the daily timeframe. The price has been in a continuous decline and maintaining the channel pattern.

The daily chart shows that the Pepe price hiked nearly 50% in June. The Bulls made an attempt to change the overall trend to a positive side. However, the price hike acted as an opportunity for the bears to make another entry.

The upper levels acted as a strong supply for the price and the bulls lost momentum. The price then declined forming a channel pattern. Currently, the price is struggling to sustain near the previous swing low.

Pepe (PEPE) is a meme coin that aims to be at the top in its category. It has no tax, rewards stakes, and burns coins to keep them scarce. The coin holds a market cap of $319.106 Million and ranks 91st in the crypto market. The whales hold a total of 36.77% of the supply.

Pepe Price Prediction Using Price Action Strategy

The PEPE price currently trades at $0.00000082 and struggling to sustain near the previous swing low. The price is currently waiting for the buying hand to enter the market.

The analysts say that the price may continue to decline forming lower highs until it trades in the channel.

The price needs to be consolidated at the lower levels and break above the channel in order to make a bullish move. It requires more buyer participation at the lower levels to counter the trend.

Also, the volume analysis shows that the volume received is less than the average volume indicating the weakness in the market. The PEPE token has received a $73.69 Million volume in the past 24 hours which is nearly 47% more than the past day.

PEPE Price Forecast from Indicators’ point of view

As per the EMA analysis, the PEPE price is trading below the key moving averages, 50 and 200 EMA, indicating a strong downtrend prevailing in the market.

RSI has made a negative crossover of the SMA line indicating bearishness in the market. The RSI value is 33.20 and that of the SMA line is 36 indicating a consolidation in the price.

Conclusion

The PEPE is a meme coin that declined 36% in August and trades at the lower trendline of a channel. The price failed to change the trend in June and fell from the upper levels. The coin has no tax, rewards stakes, and burns coins. The market cap is $319 million and the whales hold 36.77%. The price is $0.00000082 and waits for buyers. The analysts say the price may continue to fall in the channel until it breaks above it.

Technical Levels

Support levels: $0.00000078 and $0.00000041.
Resistance levels: $0.00000123 and $0.00000143.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.