Pepe crypto price witnessed a consolidation of over 40 intraday sessions near the recent low. The crypto price has been hovering in a 20 to 25% range with none of the bulls and bears dominating the trend.
Recently, the bears have dragged the price down to the lower range of consolidation indicating the dominance of negative momentum in the recent sessions as well as in the intraday session, as the crypto price is down over 4.49%.
Moreover, the price chart analysis over the daily timeframe elaborates that Pepe’s price has been respecting the 50-day EMA continuously since it slid below. The crypto hovers at the lower boundary of the range and might show a breakdown if the selling pressure continues.
The volume analysis shows that the Pepe crypto price has a trading volume of $46.693 Million in the past 24 hours which is 22.17% more than the last day. The PEPE crypto has a market cap of $249.058 Million and ranks 104th in the crypto market. The volume-to-market-cap ratio is 18.46% indicating high volatility in the market.
Pepe Price Might Show Breakdown Of The Consolidation
Pepe crypto price trend seems to be bearish, dominated in the short term, and trigger a breakdown soon. The breakdown below the consolidation may drag the price to the lower support levels.
Moreover, the bulls need to accumulate at the lows and surge the price to break above the range in order to turn the trend in their favor. However, it requires more buyers to participate and surpass the 50-day EMA.
Technical Indicators Signal An Indecisive Trend
At press time, RSI lines are showing a frequent crossover of the SMA line indicating an indecisive trend at the moment. The MACD lines are signaling a neutral to bearish sentiment in the price.
The EMA analysis shows that the PEPE price has been respecting the 50-day EMA continuously and has been sliding down suffering rejection from it. The EMA is acting as a dynamic resistance for the price. The bulls must surpass the 50-day EMA in order to initiate a new trend.
Conclusion
The crypto price has been consolidating near the recent low and is facing resistance from the 50-day EMA. The price may break down from the range and fall to lower support levels. the trading volume is down by 22% in the past 24 hours and the volume-to-market cap is 18.46% indicating high volatility. The price trend is bearish in the short term and needs more buyers to turn bullish.
Technical Levels
- Support Levels: $0.00000061 and $0.00000040
- Resistance Levels: $0.00000086 and $0.00000121
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.
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/2023/10/18/pepe-price-falls-near-the-bottom-of-range-can-pepe-crash-more/