PEPE's price reached a new all-time high on November 13th, after it was listed on Coinbase. It has increased by 105% over the past month, although it has dropped nearly 10% in the past seven days. Indicators like RSI and MVRV suggest that further corrections may occur as upward momentum weakens.
A potential death cross in the EMA lines could push PEPE to important support levels at $0.0000139 or lower. However, a trend reversal could see PEPE test resistance at $0.0000228 and aim for a new all-time high at $0.000030.
PEPE is not yet oversold.
PEPE's RSI has dropped to 38.8 from 60 in the past three days, indicating weakening upward momentum. RSI, or Relative Strength Index, measures price momentum on a scale from 0 to 100, with values above 70 indicating overbought conditions and below 30 indicating oversold levels.
The decline reflects increasing selling pressure, but the current RSI shows that PEPE is not yet oversold.
PEPE RSI. Source: TradingView
At 38.8, PEPE's RSI is close to a critical level, as it has not dropped below 30 since November 3rd. This suggests that prices may stabilize soon if historical patterns hold. The recent decline does not change the fact that PEPE is the third largest meme coin in the market, after DOGE and SHIB.
However, if the RSI drops below 30, it may trigger a stronger downward momentum and lead to further price corrections.
PEPE's MVRV ratio suggests that corrections may continue.
PEPE's 7-day MVRV ratio is currently at -6.2%, signaling that recent holders are, on average, at a slight unrealized loss. MVRV, or Market Value to Realized Value ratio, measures the profit or loss of holders based on the market value of the token compared to the price they paid.
Negative MVRV levels like this indicate reduced selling pressure as fewer holders are likely to sell at a loss.
PEPE 7D MVRV ratio. Source: Santiment
Historically, PEPE has seen strong price recoveries when the 7-day MVRV drops below -9.7%, indicating the possibility of further corrections before another rise.
This pattern indicates that while the current MVRV level suggests consolidation, a deeper drop could set the stage for a bullish recovery. If MVRV trends lower, it could pave the way for new accumulation and a new price recovery.
PEPE price prediction: A new all-time high may be delayed right now.
PEPE's EMA lines show bearish signals, with the potential for a crossover where short-term EMA lines cut below long-term lines.
If this pattern comes to fruition, it could trigger further corrections. PEPE's price could test support levels at $0.0000139 and $0.0000108. If selling pressure increases, PEPE could drop to $0.0000077.
PEPE price analysis. Source: TradingView
On the other hand, if market sentiment returns and the trend reverses, PEPE's price could challenge resistance at $0.0000228 and $0.000026.
Breaking through these levels could push PEPE's price to $0.000030, establishing a new all-time high.