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Memecoin Pepe (PEPE), which has been on the agenda of the cryptocurrency market with its rise, has been falling for more than a week and has lost a significant portion of its value in this decline. The popular altcoin fell from an all-time high of $0.00000449 to $0.00000113, losing over 75 percent. Technicals indicate that the decline in PEPE could deepen. Here are the important levels to follow for PEPE.
Pepe Price Analysis
Since May 8, the PEPE price has seen a short-term accumulation between $0.00000212 and $0.00000171, but this accumulation has ended in a decline. Trading at $0.000001131 at the time of this writing, the altcoin has fallen below the important support at $0.0000017.
With continued selling, PEPE price has fallen 17 percent and appears to be testing the $0.0000014 level, the price peak it recorded on May 1 and May 2, as potential support. Candle closures below this level could lead to increased selling pressure, deepening the decline and triggering a drop of up to 40 percent and a drop of up to $0.00000085.
Technicals suggest that a break above $0.00000171 is necessary to confirm a rebound if the altcoin‘s price rebounds from $0.0000014.
According to data from crypto data platform CoinMarketCap, PEPE is trading at $0.000001131, down 31.09 percent in the last 24 hours. The data shows that the altcoin has fallen over 39 percent in the last 7 days, while it has risen by nearly 2 thousand percent in the last 30 days.
Technical Indicators for PEPE
The bearish trend in the Relative Strength Index (RSI) signals intense selling pressure for PEPE. On the other hand, the altcoin is at risk of falling below the $0.0000017 support as well as the 100-day Exponential Moving Average (EMA), which acts as an important support. With the price falling below the 100-day EMA, the decline can be expected to deepen.
