Pepe Price Forecast: PEPE to fall 15% after failing to pass critical hurdle
Pepe's price retests and fails to break the 200-day EMA at $0.0000095, indicating a drop.
PEPE's on-chain long-to-short ratio is below one, indicating a bearish trend.
A daily candlestick above $0.0000098 would disprove bearishness.
Pepe (PEPE) price could reverse most of its recent gains after retesting and failing to surpass 200-day Exponential Moving Average (EMA) resistance on Saturday and falling 3.6% on Sunday. Currently, it's down 1% on Monday. Long-to-short ratios below one show on-chain data supports the bearish trend ahead.
Pepe encounters 200-day EMA resistance.
On Saturday, Pepe price tested and was stopped by the 200-day EMA at $0.0000095. The 200-day EMA is near the broken ascending trendline that was resistance and a 50% price retracement level. After falling 3.6% on Sunday, it trades down 1% at $0.0000090 on Monday.
PEPE might fall 15% to retest its daily support at $0.0000077 if $0.0000095 remains resistance.
On the daily chart, the Relative Strength Index (RSI) is slightly over 50 and the Awesome Oscillator (AO) is below zero. Both indicators must go below neutral to continue negative momentum.
Coinglass shows PEPE's long-to-short ratio as 0.885 on Monday. A ratio below one indicates that more traders expect the token's price to decline, confirming the frog-themed meme coin's pessimistic outlook.
On-chain statistics and technical analysis suggest a bearish thesis, but PEPE's daily candlestick closing above $0.0000098 will change that. This might cause a 5% advance to retest its 61.8% Fibonacci retracement line at $0.000010.
