Negative Price Action In PEPE; Will Price Continue Declining?

• The PEPE Crypto has started to form lower highs on the daily timeframe.
• PEPE crypto is facing decline in its trading volume over time.

PEPE is a meme coin inspired by Pepe the Frog, a popular internet meme. It has no presale, taxes, or value. It aims to be fun and entertaining, with a roadmap of community activities and Pepe-themed products. PEPE is not affiliated with the original creator of Pepe the Frog.

The open interest for PEPE crypto has declined by 1.32%, resulting in $18.85 Million, and there has also been a decline of 36.2% in the derivatives trading volume. Additionally, the long/short ratio of the crypto is 0.8622 and the long liquidation for the crypto, as per Coinglass, is $83.89K.

The market cap of the PEPE crypto has also declined by 2.78% resulting in a value of $504.02 Million. The trading volume of the crypto has also declined by 35.98% and the traded volume of the crypto is worth $79.57 Million.

Additionally, the volume/market cap ratio of the PEPE crypto is 15.48% and the market cap dominance of the crypto is 0.029%. The price has also increased by more than 2000% from its all-time lows.

PEPE Token Overview

The max total supply of the crypto is 420.689 Trillion PEPE, as per etherscan.io, and the number of holders of the crypto is 155,675. Moreover, the total transfers for the crypto are 2.068 Million, and the fully diluted market cap of the crypto is $509.462 Million.

PEPE Crypto Technical Analysis

The PEPE crypto is trading in a wide range and after rising to the higher band of the wedge pattern, the price is currently witnessing selling pressure. This behavior of the price has resulted in the formation of lower highs. 

Moreover, a very crucial support level for the PEPE crypto resides at $0.000001010 and if the price breaks below this level, we might see lower levels in the crypto price.

PEPE/USD Chart by TradingView.com

The PEPE crypto price has declined below the levels of the 50-day and the 200-day EMAs following a death cross, and the VWAP has also declined below the EMAs.

The RSI is also showcasing a bearish cycle on the charts and has declined below the 14-day SMA. Currently the RSI is at level of 36.78 and it also recently hit the oversold zone. Thus, as long as the RSI sustains below the 50-level, we might see a continuation in the decline of the price of PEPE.

Conclusion 

PEPE is a meme coin with no value or utility. It has low market cap, volume, and holders. It is trading in a downtrend with lower highs and below key support levels. The indicators are also bearish on PEPE at the moment and so its price will probably continue declining. 

Technical Levels

Support Levels: $0.000000620 and $0.0000001010

Resistance levels: $0.000001950 and $0.000002500

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.