The recent week has posed challenges for memecoins, including Pepe ($PEPE ), with a notable 15.92% decline in its value.
The trading data indicates a price point of $0.000013 for PEPE. Despite the increase in trading volume, the price has been on a downward trajectory, suggesting a potential strengthening of the bearish trend. Should this pattern persist, we might see the token’s value approach a target of $0.000020.
On the 4-hour chart, the 0.236 Fibonacci retracement level stands at $0.000010, serving as a critical support zone that could foresee a further dip in price.
The Moving Average Convergence Divergence (MACD) indicator, although currently positive, is not entirely indicative of bullish momentum, as the 12 EMA and 26 EMA are trending in the negative zone.
Nevertheless, an uptick in buying pressure could propel PEPE towards the $0.000014 resistance level, coinciding with the 0.618 Fibonacci ratio, known as the golden ratio.
Stay vigilant and best wishes in your trading activities.
