- The frog-themed memecoin, PEPE, There was profit taking in the past trading sessions.
- The PEPE coin experienced a significant decline of over 5% in intraday trading.
The frog-themed memecoin (PEPE) remained under pressure throughout the month, falling over 30% from its high. When the BTC price fell below the $62,000 mark, altcoins and memecoins seemed to experience a sell-off.
Last week, the PEPE Prize seemed to consolidate near the support region of the uptrend line and switched to a pullback. Notably, it fluctuated higher above the 50-day EMA but failed to hold firm and faced a strong rejection.
It showed the sequences of lower highs and lower lows and is close to its pivot support zone at the $0.00001050 mark. While the market sentiment looked negative, the memecoin theme has not joined the trend and remained positive on the charts.
Until PEPE Prize As long as it has not fallen below its crucial support zone of $0.00001000, it remains positive, while a break below it will indicate a significant correction.
At the time of publication PEPE Prize was trading at $0.00001120, with an intraday decline of 4.89%, indicating profit-taking on the charts. It has a monthly return of -21.20% and an annual return of 595.20%, indicating a short-term correction.
The PEPE/BTC pair is at 0.0000308 BTC and the market capitalization is $4.73 billion. Analysts are neutral and believe that the PEPE Prize There may still be selling pressure and a distribution may occur in the future.
Did PEPE contribute to the broader market sell-off?
The PEPE coin price experienced consecutive declines in the last trading sessions and fell below the 20-day EMA mark. In particular, the short-term trend suggests that a corrective movement is looming.
Conversely, a possible trend reversal could occur if the downtrend line at $0.00001300 is exceeded.
According to the Fib levels, the PEPE price has fallen back to its 50% zone and could see a recovery.
Source: Santiment
Recently, the memecoin has fallen from its high of $0.00001700, shedding over 30% of its gains. The market cap has dropped to $4.73 billion, and buyers are not confident enough to enter new long positions.
Its key indicators conveyed a negative sentiment and the RSI curve fell below the midline area, signifying a negative crossover. Similarly, the MACD indicator starts drawing the red bars on the histogram.
Forecasting social dominance and total open interest data
The trends in social dominance show that the PEPE coin has gained a lot of popularity in the media, rising over 12% this week.
Source: Santiment
Futures OI data fell over 2.30% to $132 million, highlighting the long settlement activity over the past 24 hours.
A tweet by @Plazma mentioned that PEPE price has reached the trendline support zone and is a good buy position here.
If the Bitcoin (BTC) price recovers, this could affect the PEPE price in the future.
Source: Santiment
The immediate support levels for the Pepe (PEPE) Price are $0.00001000 and $0.00000970, while the main upside hurdle is around $0.00001300, followed by $0.00001430.
PEPE Coin Price Outlook
The The price of the PEPE coin fell below the 20-day EMA mark and has lost momentum in the past few trading sessions. Moreover, the short-term price predictions leading the corrective wave are imminent and the coin may soon retest the immediate support zone of $0.00001000.
Disclaimer
This article is for informational purposes only and does not constitute financial, investment or other advice. The author or anyone mentioned in this article is not responsible for any financial loss that may arise from investing or trading. Please do your own research before making any financial decisions.
