Pepe Coin has fallen below a critical support level and the current downtrend is likely to continue. Technical indicators point to the potential for further price declines. If the altcoin fails to break through the current resistance level, a large group of investors could enter the loss zone.
Pepe Coin’s Downtrend
Pepe (PEPE), known for its organic growth and meme-centric appeal, has managed to stay strong amid recent market declines. However, its recent drop below a critical long-term support has raised concerns among investors. If Pepe Coin fails to break through this support, the outlook could turn negative and the ongoing downtrend could cost many investors.
Technical Analysis and Support-Resistance Levels
Pepe’s price action is clearly in a downtrend with rising highs and falling 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 the downtrend has resumed after a brief period of consolidation. This suggests that the current pattern resembles a potential bear flag, with potential for further declines.
Technical Indicators and Momentum
Pepe’s price is currently below the 50 EMA ($0.00000878) and 200 EMA ($0.00001033), indicating strong downside momentum. The Relative Strength Index (RSI) is slightly below neutral at 47.45, not in oversold territory, suggesting potential for further declines. The Chaikin Money Flow (CMF) is at -0.04, indicating modest selling pressure. Volume analysis has been decreasing since August 5, while a price rally is a classic divergence that usually precedes a downtrend.
Potential Uptrend Scenario
If Pepe manages to climb above $0.00001031, the current bearish view could be invalidated and it could be a sign of potential strength for the altcoin. In this case, the Pepe price could climb towards the $0.000012 and $0.0000135 levels.
Open Interest and Investor Status
According to Coinalyze data, Pepe’s Open Interest (OI) has decreased by 5.8% in the last 24 hours, indicating a potential decline at a time when the price is consolidating. The increasing selling pressure is putting Pepe investors in a difficult position. If the bears continue to hold control at the current resistance levels, it is possible that 17.28 trillion PEPE will cease to be profitable and the number of investors who are losing money will increase. Currently, 57.8% of Pepe investors are in profit, but if the downtrend continues, this ratio could drop to 50.6%.
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