PEPE Price is Going to Zero as Crypto Whales Move to This Other Meme Coin Before it Lists on Exchanges
Pepecoin (PEPE) has faced a tough week on crypto markets, with downside movements dominating the chart as PEPE slides down -13% since Sunday.
This comes amid a challenging point in PEPE technical structure, which has been suffocating under a ceiling of local resistance from the 20DMA since July 16.
The downside action has left Pepecoin trading at $0.00000123 (a 24 hour change of -1.6%).
Local resistance from the 20DMA has dominated price moves for 16 days, and Pepecoin's technical structure has been breaking low now for 9 days - leaving PEPE bag holders in a state of fearful anxiety.
Last time Pepecoin lost support from the 20DMA saw price action suffocate under resistance for more than a month, highlighting the considerable downside risk underpinning current price action.
With PEPE's trendlines still reading a bearish pendant pattern, there is some relief to be found in Pepecoin's indicators.
The RSI has cooled off significantly on the recent downside move, now showing an oversold signal at 34.53 - implying that downside moves could be drawing to an end, with sufficient capacity to push up again soon.
But the MACD is still showing minor bearish divergence, with -0.000000003 signalling the downtrend could continue on the short-time frame.
With the technical analysis offering little solace for Pepecoin's outlook, PEPE is facing a tough risk: reward profile, as upside potential is limited by local resistance from the 20DMA at $0.0000015 (+22.95%).
Whereas on the downside, lower support can be found down at $0.0000009 (-26.25%), leaving Pepecoin with a risk: reward ratio of 0.88.
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