PEPE Meme Coin's decline is fierce, will it break below $0.000014?
PEPE Meme Coin has been struggling lately, with prices continuously dropping, and it's almost unable to hold the $0.00001732 price point. Everyone is pondering whether PEPE can hold on, or if it needs to drop to the $0.000014451 mark?
Bitcoin is also disappointing, as its price hasn't exceeded $100,000, which makes the meme coin market even more pessimistic. The total market capitalization of meme coins has fallen to $97.83 billion, dropping 3.48% in the last 24 hours.
PEPE, too, has taken a big hit in this bear market, with a price drop of 6.62%, and its market capitalization has directly fallen to $7.33 billion. Looking at this downward trend, we need to consider whether PEPE will fall back to the low point of $0.000014451 from seven days ago?
Let's take a look at the price chart of PEPE; the 4-hour chart shows that PEPE tried to surge upward but failed. The price couldn't even surpass the $0.00001988 mark, let alone the 38.20% Fibonacci level.
Now, PEPE's price has already dropped by 10%, and it can't even hold the 20 EMA line. Not only is there Fibonacci resistance, but the 50 moving average is also dragging the price down.
Worse still, technical indicators are not optimistic about PEPE. The MACD and signal line have crossed downward, and the 100 and 200 moving averages are also about to cross downward. These are all sell signals!
However, the $0.00001732 price point and the 23.60% Fibonacci level are still providing some support for PEPE. But if the closing price on the 4-hour chart goes below this level, PEPE might indeed fall back to $0.000014451.
Of course, if the market warms up, and if PEPE can break through the 38.20% Fibonacci level, it might try for a new height of $0.00002232. This price point is slightly higher than the 68.80% Fibonacci level of $0.000022155.
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