Prediction for the Price of Pepe: Volume of $800 Million Drives PEPE into the Red — Is There More Trouble Just Around the Corner?
Due to the fact that the price of Pepe (PEPE) has dropped by 6.5% in the previous twenty-four hours, as reported by CoinMarketCap, chart analysis indicates that the price may continue to decline in the days and weeks to come.
According to the statistics provided by Yahoo Finance, trading volumes above $800 million for the sixth consecutive session taking place on Friday.
From the time it reached its local price top in May, which was more than $0.000017, the price of Pepe has been moving in a downward trend channel.
It also recently broke below its 50DMA and encountered resistance on retesting it. At the same time, the 21DMA has been functioning as resistance.
The study of the charts indicates that Pepe faces potential losses. And a wider market downturn as Bitcoin (BTC) suffers from withdrawals from US exchange-traded funds adds to the prospects of a negative outcome. It is possible that further difficulties are on the horizon.
Nevertheless, a great number of traders will be waiting for a chance to purchase the Pepe price when it drops.
