Pepe Price Prediction as PEPE Crashes 20% in 24 Hours – More Selling Ahead?
Over the past 24 hours, the PEPE price has undergone a substantial 18.29% pullback, contributing to an overall 14.5% decline in the meme coin sector .
Technical indicators suggest that further decreases may be on the horizon.
This only adds to the crushing 36.09% decline PEPE has experienced since last Friday. It appears that meme coin’s recent resilience has come to an end, they are now underperforming major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) .
Although PEPE has dropped by 46.78% this month, it still boasts an impressive annual return of 405.12%, significantly outpacing other leading cryptocurrencies.
Additionally, PEPE’s trading volume has surged by 37.33% to $ 1.30 billion in the last 24 hours, indicating heightened trading activity and interest in the market.
A closer look at the PEPE price chart reveals that this increased volume may be indicative of further selling pressure.
Notably, the PEPE price is currently retesting key long-term support at $0.00000764. If the price can decisively bounce off this level, it may indicate resilience against the current negative momentum.
This is plausible given that PEPE sits within oversold territory, with a relative strength index (RSI) (purple) of 30. This could be interpreted as the asset being undervalued, suggesting a correction is due. However, wider trends cast doubt on this prospect.
Most significantly, the 30DMA (yellow) is on a steep decline after crossing below the 200DMA (blue), which has mirrored its downtrend.
The alignment of both short-term and long-term moving averages in a downward direction confirms a strong downtrend. This weakness is not just a short-term phenomenon, it is expected to persist.
Given this overview, this long-term
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