PEPE (PEPE), the well-known meme coin, hit an all-time high of $0.000025 on November 14, but then the price fell by about 20% due to profit-taking.
It is now trading at around $0.000020, and some indicators on the price chart suggest that further downside is likely. The analysis points out that PEPE holders need to pay attention to several key price levels.
PEPE seems to have entered a bear market
Looking at the daily chart of PEPE/USD, its Chaikin Money Flow (CMF) indicator has begun to cross the zero line downward. So far, this momentum indicator is still above the zero line.
CMF is an indicator used to measure the relationship between the price fluctuation and trading volume of an asset over a period of time, thereby judging the buying and selling power. When CMF decreases, it means that the selling pressure is greater than the buying pressure, which usually means that the upward momentum is weakening.
If PEPE's CMF falls below the zero axis, this will confirm a trend reversal, meaning that downward pressure will increase, which may put greater downward pressure on PEPE's price.
In addition, PEPE's MACD indicator also confirms this pessimistic expectation. Currently, the MACD line (blue) of the token is below the signal line (orange).
MACD is an indicator used to measure the trend and momentum of asset prices, helping to identify potential reversal points. For PEPE, when the MACD line is below the signal line, it means that the market is in a downtrend, which is usually a sell signal for most traders.
PEPE Price Prediction: Will it drop to $0.000015 or continue to hit new highs?
Currently, the price of PEPE is slightly above the critical support of $0.000018. If the selling pressure continues to intensify, the meme coin might break below the support and move further down to $0.000015.
On the other hand, if new demand emerges, PEPE may rebound to $0.000021. If the price breaks out of this level and stabilizes above it, PEPE has the potential to re-challenge the all-time high of $0.000025.
