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Pepe price analysis: PEPE turns bearish as selling pressure prevails

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TL;DR Breakdown

  • Pepe price analysis is bearish today.
  • PEPE face strong resistance at $0.000001257.
  • Support for PEPE/USD is located at $0.000001071.

The most recent Pepe price analysis shows a decline in PEPE’s market position. The sharp decline in price has been caused by the recent selling pressure from the sellers. PEPE started today’s trading session with bulls ruling the market, but the sellers started to push the price lower as declines in volume were also noted.

The current bearish momentum is likely to continue if PEPE fails to break above its resistance level. If it does not break above that level, we may see more downside pressure on PEPE in the near term. The support level at $0.000001071 could provide a good opportunity for buyers to enter the market if PEPE fails to break its resistance.

PEPE is currently exchanging hands at $0.000001087, down by 7.49% in the past 24 hours. Over the last 7 days, PEPE has been down by 9.44% and holds a market capitalization of $426 million USD. The trading volume of PEPE in the last 24 hours is $226 million USD, which is a decrease of 7.85% compared to the previous day’s volume.

Pepe price analysis 1-day chart: PEPE trades on a downtrend pattern

On the daily chart Pepe price analysis, the downtrend pattern is visible. PEPE created resistance at the $0.000001257 mark in the early hours of today’s session, and since then, the price has been on a downward journey. The selling pressure is strong, and if the buyers fail to overturn the current bearish momentum, PEPE could face more losses.

image 226Pepe price analysis: PEPE turns bearish as selling pressure prevails
PEPE/USD 1-Day Chart, Source: TradingView

The technical indicators are also hinting toward a bearish trend. The Relative Strength Index (RSI) has started to slope downwards, currently at 41.57, indicating increased selling pressure. Furthermore, the Moving Average Convergence Divergence (MACD) is below the zero line and is now in negative territory, which further confirms a bearish trend. The Bollinger bands have also started to squeeze, which suggests a decrease in volatility.

Pepe price analysis 4-hour chart: Bears overthrow bullish momentum

Pepe price analysis on the hourly chart indicates that the bears have the upper hand in the market. PEPE has retested the support level at $0.000001072 but failed to break it in the last few hours, but since the sellers have control of the market, PEPE is expected to create a new low.

image 225Pepe price analysis: PEPE turns bearish as selling pressure prevails
PEPE/USD 4-hour Chart, Source: TradingView

Technical indicators in this timeframe are turning bearish. The RSI is currently at 40.67, suggesting more selling pressure than buying pressure in the market for PEPE, while the MACD is on the verge of crossing the zero line indicating that momentum favors the bears. Finally, the Bollinger band’s wide structure is indicative of increasing volatility in the near term.

Pepe price analysis conclusion

In conclusion, Pepe’s price analysis today is bearish, and there is more downside pressure likely if it fails to break above its resistance level. The support level at $0.000001071 may provide some relief for buyers as they may enter the market if PEPE pullbacks from current levels. The technical indicators are also showing bearish signals, and if these remain in place, PEPE may experience more losses in the near term.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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