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Pepe (PEPE) has been in a general downward trend since mid-July. During the same period, it reached lower lows and lower highs. At the time of writing, it reached its all-time low of $0.00000069. Memecoin lost more than 35% of its value in August and the downward pressure did not decrease at the beginning of September.
PEPE Faces Fed Obstacle!
Less than 10 days left for the FOMC Meeting (September 19-20). Most investors expect the Fed to maintain its current target range of 5.25% – 5.5%. It is still unknown how BTC will react to the Fed’s announcement in September. The price movement in the third quarter indicated a narrowing channel, emphasizing sellers’ leverage. However, PEPE did not break the lowest range of the channel during the same period.
Therefore, if it cannot hold at $0.00000069, we may see a positive reaction in the low range around $0.00000063. To target the highest range near the daily decline order block (OB) of $0.00000105, the reversal needs to exceed the 23.6% Fib level of $0.00000087 or the middle range of $0.00000082. This could indicate a potential rally of up to 50% to the highest level at the time of writing.
PEPE Price Prediction!
If SEC approves the Ethereum (ETH) ETF, such an increase could potentially occur in mid-October, which would further increase market sensitivity. However, a downward break from the descending channel could push PEPE to its all-time low near $0.00000051. Meanwhile, RSI and CMF may indicate weak buying pressure and capital inflows by recording negative readings at the time of publication.
PEPE’s Open Interest rates increased around September 1-7 but then declined. This may indicate a decrease in demand for PEPE in the derivatives market over the weekend. It could underline the short-term downward trend. However, despite the downward trend, sellers need to be cautious. Cumulative Volume Delta (CVD) strengthened bear leverage by decreasing at the end of August. However, the metric caused volatile movement starting from September 7. This could mean that the price can go in either direction.
