PEPE Falls 13% In 7 Days: Is a Reversal In Sight for the Meme?
Release: 2023/12/22 00:04 Reading: 774
- Profit-taking led PEPE’s price to breach the $0.0000013 support.
- A slide below $0.0000012 is likely before the possible rise in value.
- PEPE may retest $0.0000014 if the token becomes oversold and buying pressure increases.
According to CoinMarketCap, the price of Pepe (PEPE) has decreased by 13.12% in the last seven days, while the memecoin trades at $0.0000012. This performance means that PEPE was the worst-performing cryptocurrency out of the top meme coins within the said period.
PEPE’s fall was a result of selling pressure that started on December 16. As of then, the crypto price was $0.0000014. But between December 1 and 16, PEPE had gained about 40%, indicating that holders had made profits from the token.
As expected, profit-taking started and bears were able to breach the $0.0000013 support. Also, the price decline meant that bulls’ attempt at triggering an upward momentum had been quenched. This was evident in the Relative Strength Index (RSI).
Weakness May Soon Change to Strength
At press time, the RSI was 42.38, indicating that PEPE’s northward strength had become weak. However, there is a chance the bearish state of the token coul…
The post PEPE Falls 13% In 7 Days: Is a Reversal In Sight for the Meme? appeared first on Coin Edition.
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