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- The Pepe coin price has lost around 30% this month, and sellers seemed strong.
- It has defended the major support level and risen by 33% in less than 10 days.
The Pepe coin price has been bullish since the beginning of 2024 and has gained 1200% till the last week of May. The bullish trend was halted near the $0.0000150 mark and displayed weakness.
After the massive surge, the Pepe meme coin price has dropped by 50% since June due to the profit booking. The price has attempted thrice to overcome the $0.0000130 hurdle since June, but it couldn’t.
After mid-July, the meme coin price consolidated over the 20-day EMA for 2 weeks. However, sellers were strong and dragged down the price below the key moving average. After the breakdown, the Pepe coin price was melted by 50% in less than a week.
Will the PEPE Coin Price Reach a New ATH After the Correction Phase?
According to the technical chart, the Pepe price has defended the major support level of $0.0000130 since March. It has recently witnessed a rejection from that level and then surged by 33% from its low.
After taking support on a major support level, the price has extended to the key moving averages. Buyers did not seem strong enough to surpass the 200-day EMA, which triggered a negative pullback.
Suppose the digital asset price exceeds the key moving averages; buying momentum can be anticipated. Exceeding the 200-day EMA would be a strong buying signal, as it has recently recovered from the demand zone. It might eye for a new all-time high.
On the other hand, if the crypto asset price slips below the major support level, most investors may prefer to book profit. Due to the profit booking on a larger scale, the Pepe price may display sharp selling.
Based on the technical indicators, the PEPE price traded below the key moving averages at press time. The MACD has dropped below the Zero line and has developed red histograms. Most of the technical indicators were in favor of a bearish forecast.
Pepe Price Overview
The Pepe price traded at $0.00000799 at press time, declining by 2.79% in the past 24 hours. Its market capitalization was $3.36 Billion, and the 24-hour trading volume was $715.62 Million.
Is PEPE Coin Price Ready to Shoot Up After the Liquidation?
Based on a source on X, the resistance level could be flipped to the support level. In a 1-H time frame, the PEPE price dropped below the crucial level of the $0.00000750 hurdle but bounced back soon.
$pepe can we flip resistance pic.twitter.com/LzRGPqqRnL
— KNIGHT $INJ TO 100$ (@cryptoknight890) August 8, 2024
The liquidity below this level has grabbed, and the price may show a good spark.
Will the PEPE Price Rise or Keep Falling?
The Pepe coin price has undergone a correction phase, showing bullishness in the demand zone. According to the chart, the PEPE price has failed to surpass the key moving averages after the recovery from the demand zone. Before a massive shoot-up, it must exceed the 200-day EMA mark.
Technical Levels
The bullish trend in the PEPE crypto can be halted near the $0.0000125 and $0.0000170 levels. The price may take support on the $0.00000600 and $0.00000480 mark.
Disclaimer
This article is for informational purposes only and provides no 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.
