The $PEPE price plunged over 12% in the last 24 hours to trade at $0.00002331 as of 10:06 p.m. EST as investors offload their holdings in the meme coin on the market.
Despite the steep correction, PEPE’s positive weekly performance remains intact with a 13% pump.
Pepe Price Slips Below A Key Support
The Pepe price recently dipped below the key support level at $0.00002398 in the last couple of hours. Should the meme coin close a 4-hour candle below this mark in the next 12 hours, PEPE could stand the risk of plunging down to the subsequent mark at $0.00001953.
On the other hand, the Pepe price closing the next 3 4-hour candles above $0.00002398 might bring an end to PEPE’s price drop. In this alternative scenario, the meme coin could rebound and start to rise toward the $0.00002864 resistance level. A break above this barrier might then lead to the meme coin climbing to as high as $0.00003309 in the short term.
Bears Might Push The Pepe Price Even Lower
From a technical perspective, indicators on PEPE’s 4-hour chart warn that the meme coin’s price could continue to fall in the coming 24 hours. Relative Strength Index (RSI) readings have dropped to below the neutral 50 benchmark, which suggests sellers are currently stronger than buyers. The negative slope of the RSI line warns bears could grow even stronger as well.
Meanwhile, a major bearish technical flag was triggered by the Moving Average Convergence Divergence (MACD) indicator in the last few hours. During this period, the MACD line crossed below the MACD Signal line. This technical event is often seen as an indication that a crypto has entered a negative short-term trend.
If these technical warning signs influence traders’ decision making through the course of the next 24 hours, PEPE could end up plummeting to the aforementioned $0.00001953 support.
As PEPE clings to a key support level, investors are flocking to buy new meme coin rival Wall Street Pepe (WEPE) for potential parabolic gains.
