Pepe Price Prediction: PEPE Drops 5% As Traders Pivot To This New Meme Coin Rival That’s Raised Almost $30M In Just 2 Weeks
Release: 2024/12/18 15:29 Reading: 649
Pepe Price Drops Over 5% Amidst Bearish Sentiment
Pepe's price has witnessed a significant decline within the last 24 hours, plummeting by over 5%. At 10:05 p.m. EST, the meme coin was trading at $0.00002223 as investors sought to reduce their exposure.
Despite the recent loss, PEPE has managed to maintain a weekly gain of over 1% and a 3% rise over the monthly time frame.
Pepe Price Tests Critical Support
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(4-hour chart for PEPE/USD)
The current price of Pepe is testing a crucial support level at $0.00002213. If the meme coin breaks below this mark within the next 12 hours, it could potentially fall to the next technical safety net at $0.00001929.
Conversely, if Pepe remains above $0.00002213 for the next 12 hours, it will invalidate the bearish scenario and could trigger a rise in value. Traders may then attempt to push PEPE beyond the $0.00002498 resistance level, transforming it into a support level. Continued buying pressure could then drive the price up to $0.00002782.
Technical Indicators Signal Potential Decline
Technical indicators on PEPE's 4-hour chart suggest that bears are gaining strength over bulls. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicate a potential decline in price over the next 24 hours.
The MACD indicator has recently triggered a bearish technical flag, with the MACD line crossing below the MACD Signal line. This is often interpreted as a sign of a negative trend. The widening gap between the two lines hints at increasing bearish momentum.
RSI readings have also decreased, indicating a decline in buyer strength. The current reading remains significantly below the neutral 50 mark, indicating strong bearish sentiment. The negative slope of the RSI line suggests that sellers are unlikely to ease pressure on Pepe's price in the near future.
Amidst these bearish technical signals, investors might consider transitioning to alternative Pepe derivatives, such as Wall Street Pepe (WEPE), which has raised close to $30 million in just two weeks.
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