PEPE price in for steep correction after nearly doubling in three days
|- PEPE price rallied 95% between June 20 and 23, pushing it from $0.000000918 to $0.00000178.
- This ascent shattered through many hurdles, but the Wave Trend indicator is now flashing a sell signal.
- Investors can expect the frog-based meme coin to retrace to the $0.00000147 and $0.00000127 support levels.
PEPE price nearly doubled between June 20 and 23, suggesting a massive interest in the meme coin. However, due to the weekend, the volatility has dried up, and indicators are suggesting that the altcoin is ready for a correction.
Also read: Pepe price resumes bullish impetus as PEPE holder count edges toward 20,000
PEPE price ready to take a break
PEPE price was on a steady downtrend between May 13 and June 15, which caused the altcoin to shed 60% of its market value. After creating a local bottom at $0.000000829, the frog-based meme decided to reverse the trend.
Between June 15 and June 23, PEPE price shot up 117%, but this impressive rally picked up steam on June 20 and rallied nearly 95% in just three days. As the PEPE hovers below $0.00000164 resistance levels, investosr need to pay attention to the indicators.
The Relative Strength Index (RSI) is present above the overbought zone, indicating that the altcoin is due for a correction. Likewise, the Awesome Oscillator (AO) indicator has also started producing red histograms that are declining in height, revealing a declining bullish momentum.
The last nail in the bulls’ coffin is the Wave Trend indicator’s bearish crossover above the overbought zone, which indicates that PEPE price is ready for a correction.
The $0.00000147 and $0.00000127 support levels are likely going be tagged after retracing roughly 10% and 20% from the current position of $0.00000162.
PEPE/USDT 4-hour chart
On the other hand, if PEPE price flips the $0.00000164 hurdle into a support floor while the momentum indicators mentioned above reset, it will invalidate the bearish outlook. In such a case, PEPE price could eye to retest the $0.00000195 resistance level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.