PEPE Price Analysis: Pepecoin Price Losing Another Major Support; More Downfall Underway?

PEPE Price Analysis: The PEPE coin has been in a correction phase for nearly a week and witnessed a significant loss during the period. From the All-Time High of $0.00000449, the coin price witnessed a 68.5% loss to reach the current price of $0.00000231. However, the falling price shows a breakdown attempt from another support level indicating that the Pepecoin price is poised for further fall.

Key Points:

• A breakdown below $0.0000014 threatens Pepecoin with a 39% downfall
• The recent bearish crossover between the 20 and 50 EMA will accelerate the selling pressure in the market
• The intraday trading volume in the PEPE is $1.42 Billion, indicating a 292.5% gain.

Source- Tradingview

From May 8th to early today, the falling Pepecoin price witnessed a minor sideways consolidation phase between $0.00000212 to $0.00000171 levels. Today, on the intraday level, the coin price shows a significant breakdown of the $0.0000017 support, offering sellers an additional barrier to pressurize buyers.

Also Read: Top 10 New Meme Coins With The Best Potential In 2023

With sustained selling, the PEPE price tumbled 17% and hit the May 1st and 2nd price peaks of $0.0000014 as potential support. If the coin price gives a breakdown below this support with 4-hour time candle closing, the selling pressure will intensify and threaten this memecoin for another 39% down to hit the next significant support of $0.00000085.

On a contrary note, if the coin price rebounded from $0.0000014 support, the trades must for a $0.00000171 breakout to at least get a first hint of price recovery.

Technical Indicator

Relative Strength Index: A significant drop in the RSI slope reflects intense selling momentum in the market.

Exponential Moving Average: Along with $0.0000017 support, the price may also lose the 100 EMA slope offering an extra edge to market sellers.

PEPE Intraday Price Levels

• Spot price: $0.00000142
• Trend: Down
• Volatility: Low
• Resistance level- $0.00000171 and $0.00000212
• Support level- $0.00000140 and $0.00000085