Pepe Coin (PEPE), while known for its organic growth and meme-centric appeal, has managed to stay strong during recent market declines. However, it has recently fallen below a critical long-term support, causing concern among investors. If Pepe fails to break through this support, the outlook could turn negative and could push a significant number of investors into the loss zone.
Pepe’s price action is in a clear downtrend with falling highs and lows on the 4-hour time frame. Key support and resistance levels are:
Resistance Levels: 50-day Exponential Moving Average (EMA) at $0.00000874 and 200-day EMA at $0.00001033.
Support Levels: $0.000007 and psychological support at $0.000006.
If Pepe fails to break the current resistance level, it could potentially drop by 21% to $0.000006. Recent candlestick patterns suggest that a downtrend is continuing after a brief period of consolidation. This pattern resembles a potential bear flag, indicating the potential for further declines. The prevailing downtrend suggests that Pepe is in a corrective wave formation and bearish momentum is continuing.
Pepe’s price is maintaining a strong downward momentum, remaining below the 50 EMA ($0.00000878) and 200 EMA ($0.00001033). The Relative Strength Index (RSI) is at 47.45, slightly below neutral and not yet in oversold territory, suggesting potential for further declines. The Chaikin Money Flow (CMF) is at -0.04, indicating modest selling pressure. Volume analysis is falling, while the price is rising, which is often considered a classic divergence before a downtrend.
If Pepe manages to climb above the $0.00001031 level, the current bearish view could be invalidated and it could be a sign of the altcoin gaining strength. In this case, the price of Pepe could climb towards the next major resistance areas at $0.000012 and $0.0000135.
50 EMA and 200 EMA: If the price stays below these levels, it signals a bearish trend.
RSI: Not oversold, room for further declines.
CMF: At -0.04, it indicates modest selling pressure.
Volume: Declining, while price appreciation usually indicates a downtrend.
According to Coinalyze data, Pepe’s Open Interest (OI) has decreased by 5.8% in the last 24 hours, indicating a potential decline amid a period of consolidation. The increasing selling pressure is putting Pepe investors in a difficult position. If the bears maintain control at current resistance levels, it is possible that 17.28 trillion PEPE will cease to be profitable and the number of investors in losses will increase. Currently, 57.8% of Pepe investors are in profit; however, if the downtrend continues, this ratio could drop to 50.6%.
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