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Pepe Coin’s price dips 8% in last 7 days – Future predictions?

2min Read

PEPE broke out past a key resistance zone and flipped it to support, more gains are anticipated.

PEPE breaks out past a four month resistance zone and retests it as support
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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • PEPE has a strong bullish bias after flipping the bearish OB to support.
  • The monthly high from July is the next target for buyers.

Pepe [PEPE] ranks fourth in the meme coin category on CoinMarketCap but has performed commendably in the markets over the past three weeks. Despite a substantial pullback, PEPE had a firm bullish bias on the long-term price charts.

Technical analysis by AMBCrypto laid out strong reasons why PEPE is likely to continue its rally. Yet, some on-chain metrics cast doubts on the strength of the bulls.

The bullish breaker block should serve as a strong support

PEPE

Source: PEPE/USDT on TradingView

On the one-day price chart of PEPE, the $0.00000014 area represented a bearish order block from mid-August. In the chart above, it was highlighted by a cyan box. Moreover, the $0.00000148 level has been significant since July.

In December, the meme coin managed to rush past this resistance zone due to intense buying pressure as seen on the volume bars.

Thereafter, the price retested this region as a support zone and managed to bounce to the $0.00000148 resistance. This meant that the bearish OB had been flipped to a bullish breaker block.

The Fibonacci retracement levels (pale yellow) noted that the 50% and 61.8% levels have been tested and were defended thus far. Combined with the bullish breaker block, it is likely that PEPE can move higher once more.

The metrics suggested bullish fervor was weakening

PEPE

Source: Santiment

The supply on exchanges as a percentage of total volume has been falling since late October. This was a strong sign that market participants had been hoarding PEPE and hadn’t moved them to CEXes to sell.

However, the mean coin age has also trended downward. This was in contrast to the previous metric and suggested that PEPE movement between addresses was significant and foreshadowed sell pressure.


Realistic or not, here’s PEPE’s market cap in BTC’s terms


The social volume saw some small spikes in recent weeks but has not trended higher alongside the prices.

Meanwhile, the MVRV ratio was highly positive. This suggested the meme coin may be overvalued and that holders could seek to liquidate some of their holdings to realize profits.

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Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories. His distinct analytical method is grounded in his academic training as a Chemical Engineer. This background provides him with a systematic, process-oriented approach to market data, enabling him to analyze the complex dynamics of financial markets with precision and objectivity. Having actively covered the cryptocurrency space since the landmark 2017 market cycle, Akashnath possesses years of experience navigating both bull and bear markets. This seasoned perspective is critical to his insightful reporting on market volatility and evolution. As an active market participant, Akashnath enhances his analysis with crucial, hands-on experience. This practical application of his technical skills ensures his insights are not merely theoretical, but are also relevant and actionable for an audience looking to understand and navigate trading opportunities. He is dedicated to educating readers on the nuances of technical analysis, empowering them with the knowledge to make more informed financial decisions.
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