PEPE Aims for 18% Price Decline Amid Bearish Price Action
Release: 2024/11/05 05:34 Reading: 913
Pepe Coin Price Prediction: Bears Prevail as Support Breaks
The popular meme coin Pepe (PEPE), ranked third in market capitalization, faces a potential price decline after breaking below a critical support level. On November 5, 2024, the cryptocurrency market sentiment remains bearish, pushing PEPE into a downtrend.
Current Price Momentum
Since its breakout, PEPE has experienced a 2.75% price drop over the last 24 hours and is currently trading around $0.00000797. During this period, the meme coin's trading volume has fallen by 4.9%, indicating reduced participation amid the market downturn.
Technical Analysis and Key Levels
Technical analysis reveals a bearish outlook for PEPE. It has broken out of the support level of a descending triangle price pattern on a daily time frame. This breakout increases the likelihood of further price declines.
Source: Trading View
If PEPE closes a daily candle below $0.00000795, it could potentially drop by 18% to reach $0.0000065 in the coming days. Additionally, the coin has breached its support at the 200 Exponential Moving Average (EMA) on a daily time frame, further signaling a downtrend.
Bullish On-Chain Metrics
Despite the bearish trend, whale and investor interest in PEPE remains strong. According to IntoTheBlock, large transactions by whales and institutions have surged by 36% over the last 24 hours. This increase suggests that despite the price drop, whale interest is growing.
Combining these on-chain metrics, it appears that bulls are potentially accumulating PEPE ahead of the upcoming U.S. presidential election. However, the market sentiment remains bearish, and further price declines are possible if support levels continue to be broken.
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