Popular memecoin Pepe (PEPE) hit an all-time high of $0.000025 on November 14 but has since fallen 20% due to increased profit-taking.
Currently trading at $0.000020, price chart indicators suggest further downside potential. This analysis identifies key price levels that token holders should monitor.
PEPE bears establish dominance
On the PEPE/USD daily chart, the altcoin’s Chaikin Money Flow (CMF) is about to cross the zero line. In fact, this momentum indicator is at the centerline.
CMF is an indicator that measures the accumulation and distribution of an asset by comparing price movement with volume over a specified period. When it falls, it signals that there is more distribution (selling pressure) than accumulation (buying pressure), suggesting weakening bullish momentum.
The eventual drop of PEPE's CMF below the zero line would confirm the trend reversal and signal the resurgence of bearish momentum, putting additional downward pressure on its price.
PEPE CMF. Fonte: TradingView
Furthermore, PEPE’s Moving Average Convergence Divergence (MACD) configuration confirms this bearish bias. In fact, the token’s MACD line (blue) is below the signal line (orange).
This indicator measures the price trends and momentum of an asset, identifying potential reversal points. As in the case of PEPE, when the MACD line is below the signal line, the asset's price is experiencing downward momentum, signaling a selling opportunity for most traders.
PEPE MACD. Source: TradingView
PEPE price prediction: drop to US$0.000015 or rise to all-time high?
At the time of publication, PEPE’s price is just above the critical support level of $0.0000018. Furthermore, increased selling pressure could push the memecoin below this threshold, potentially dropping its value to $0.000015.
PEPE Price Analysis. Source: TradingView
Conversely, a surge in new demand could trigger a pullback towards $0.000021, and a decisive break above this level would put PEPE price on a trajectory to reclaim its all-time high of $0.000025.
The article PEPE Falls 20% From Record High, Signaling End of Rally appeared first on BeInCrypto.
