Pepe loses 17% in a week: what's next for the asset?
(note: the post contains data by AMBCrypto)
The last seven days have been tough for memecoins including Pepe (PEPE). According to data from CoinMarketCap, the price of the token was $0.000013.
This represented a 15.92% decrease in the last seven days.
However, it does not seem like things would change for the better. One reason for this could be linked to PEPE’s increasing volume.
While PEPE’s volume increased, the price fell, indicating that the downtrend could get stronger. If this continues, the price of the token might tumble, and a target of $0.000020 could be possible.
As per the 4-hour chart, the 0.236 Fibonacci level was at $0.000010. This was a support level for PEPE, and indicates that the price might drop to the region.
This was also supported by the Moving Average Convergence Divergence (MACD). At the writing time, the MACD was positive.
But the 12 EMA (blue) and 26 EMA (orange) were in the negative region, implying that the momentum was not completely bullish.
However, if buying pressure increases, PEPE’s price could key into the $0.000014 resistance where the 0.618 golden ratio resided.
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