Pepe Price Dips 6% As Bearish Signals Prevail: What’s Next For PEPE?
Pepe price, a popular meme coin, has been recently trading in a bearish trend following market correction. This bearish movement aligns with similar patterns observed in other meme coins like Dogecoin, Shiba Inu, and Floki.
Profitability Among Pepe Price Holders Despite Price Drop
According to data from IntoTheBlock, 72% of PEPE Coin addresses are currently profitable. Most of these addresses have acquired PEPE at prices below its current market value.
However, the 23% of investors facing losses pose a risk of escalating selling pressure. This scenario could exacerbate the existing bearish trend in PEPE Coin’s market performance.
The current increase in outflows appears to correlate with the recent price decline on the charts. This trend suggests that more investors are selling their holdings, likely due to concerns about further potential drops.
PEPE Price Continues Downward Trend Amid Market Correction
Over the past 24 hours, Pepe price has experienced a significant price movement. At the time of reporting, the PEPE price hovered at $0.0000095 during European trading hours, marking a dip of 8%.
The price oscillated between a low of $0.8924 and a high of $0.00001052, indicating a volatile trading session.
Pepe price is currently experiencing volatility in its market value. If the bearish trends persist, it might drop to a support level of $0.000009. A further decline to $0.000008 could indicate a continued bearish outlook.
The technical indicators for PEPE suggest a bearish outlook. The Relative Strength Index (RSI) is at 25, indicating an oversold condition. The Moving Average Convergence Divergence (MACD), The MACD line at -0.00000049 remains below the signal line at -0.00000055, reinforcing the bearish trend. The histogram also shows increased selling pressure, with negative bars expanding.
According to Coinglass data, significant fluctuations have been observed in the cryptocurrency market. The trading volume has decreased by 2.19%, amounting to $926.14 million.
Furthermore, there has been a notable decline in open interest, which fell by 19.48% to $107.67 million. These trends suggest a weakening of the ongoing downtrend in the market.
If the positive momentum builds, Pepe price could rebound to $0.0000095, a known resistance point. Stabilizing at this level might lead to an increase to $0.00001. A surge in bullish sentiment could push the price beyond $0.000015, setting the stage for further gains.
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