$PEPE Price Plummets Below Support Level – What’s Going On? - CryptoNews Analytics

The PEPE price seems to be on a downtrend after plummeting in the early hours of the morning.

Notably, PEPE plummeted decisively below the $0.00001049 support level (orange) within hours of a successful recovery. The support failed to hold, indicating increased selling pressure and a possible continuation of the downward trend.

Other indicators support this, such as PEPE’s relative strength index (RSI) (purple) which has fallen from 55 to 30 in the past 24 hours. This suggests increased selling pressure, hinting towards further downside.

Most significantly, the meme coin’s 30-day moving average (yellow) is trending downward, positioned below the 200-day moving average (blue), which is also declining. This suggests persistent downward momentum in both the short and long-term.

Hence, eager investors should consider postponing PEPE due to a strong possibility of further retracements in the near future.

Despite this, it is unlikely that PEPE will see any truly fatal declines in the near term. Its recent price action is in line with the overall negative market sentiment, following the US Federal Reserve’s hawkish stance on inflation.