Pepe saw a huge plunge in prices on Friday after bearish sentiments in the markets hurt the coin’s trajectory. At the press time, the token was trading at $0.059401, down 10.81% as compared to the same time last day.
PEPE’s bearish trading concerns market
The price of Pepe (PEPE) has dropped substantially 21.6% over the last week, putting it in a bearish trend.
The recent rejection from the $0.000013 resistance zone and notable whale activity, such as a sizable transfer of 400 million PEPE tokens to Binance, perhaps for the goal of selling, are responsible for the current bearish trend. The influx of money into exchanges usually indicates selling pressure, which pushes PEPE’s price lower.
PEPE reported a 52% price increase in five days in mid-July. On the daily chart, this quick recovery left behind a sizable imbalance that is indicated in white. The first week of July saw a negative break in the market structure. Bears in PEPE pulled from $0.000013, failing to break the previous important lower high from June 26.
The daily RSI dropped below neutral 50, indicating a strong negative momentum. The CMF, however, stayed far over +0.05.
Will PEPE rise in August?
The Pepe memecoin has fallen below $0.00001150, a crucial support level. Due to this, the price of this memecoin has decreased over 11% in the last day, changing by 29.42% in its trading volume to $662.04 million. Even though it saw a decline of 9.1% during the last 30 days, long-term investors have been rewarded with a YTD return of +712.33%.
The Moving Average Convergence Divergence (MACD), whose averages show a negative crossing, indicates a drop in purchasing pressure. Moreover, a bearish convergence of its EMA 50-day is about to occur. This indicates that the memecoin’s future is not looking good.
The bulls will get ready to test the PEPE memecoin’s upper resistance level of $0.00001410 in the next weeks, if the market pushes it over its resistance level of $0.00001150. This altcoin will lose steam and head toward its crucial support level of $0.00000880, though, if the bears regain control.
