Pepe's price has fallen more than 7% in the past 24 hours to $0.00001185 as of 12:00 pm ET as investors dump their holdings in the meme coin.
The price of PEPE has dropped more than 17% over the past week, although it is still in the black over the past month, up more than 18%.
Pepe price may continue to fall, technical data warns
Technical indicators on the 4-hour chart of PEPE suggest that the price of Pepe may continue to fall over the next 24 hours. More specifically, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators are showing a bearish trend.
The RSI is below 50, which traders typically view as a sign that the bears are gaining the upper hand over the bulls. If sellers decide to take advantage of this, it will be easier for them to lower the price of Pepe over the next 24 hours than for buyers to raise it over the same period.
However, this bearish thesis could be refuted if PEPE is able to close the 4-hour candle above $0.00001282 within the next 24 hours. Traders can then go long on the meme coin, which could push the price of Pepe to the next major resistance level at $0.00001535.
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