PEPE price prediction – analysis by AMBCrypto
Pepe (PEPE) was unable to defend the $0.00000581 level at the second time asking and has shed close to 50% in the past five days. The majority of those losses came from the 11th to the 13th of April.
The volatility might catch traders off guard, but it was also an opportunity. From the lows of 13th April, PEPE has bounced by 33% in around 32 hours. Does that mean the local bottom has been set? Here’s what the path ahead might look like.
The retracement to $0.00000581 on the 19th of March set a new swing low. The recent PEPE dip meant that the shorter timeframe trend was bearish and so was the market structure. However, on the 12-hour chart, the trend was still biased bullishly.
The RSI was at 33 to signal downward momentum was dominant. Moreover, the OBV also fell below a month-long support. Hence, more losses are expected in April. This could see the meme coin reach the 78.6% retracement level at $0.00000318.
Hence, in the short term, the $0.00000955 area was also a magnetic zone. However, it is 85% higher than market prices, which was doubtful given the market uncertainty.
Overall, the metrics suggested that it could be a good short-term buying opportunity for PEPE traders.
