- PEPE price is in a rough patch as the sell-off continues.
- PEPE bears will try to enforce another 15% drop from here.
- Expect to see some relentless selling until $0.0010000 is reached.
PEPE (PEPE) price is feeling the frost and cold of the altcoin winter that continues with some notable slides in price valuation in the altcoin space. After price action dropped below $0.0014700, traders must have understood that a turnaround would only occur at a high supportive level, which is still another 15% lower from where price action currently resides. Although the Relative Strength Index (RSI) is still low, expect some selling pressure with price action set to hit $0.0010000 before a turnaround emerges.
PEPE price proof that the RSI is not always the right indicator
PEPE price was stuck in a consolidation phase, which it was projected to really ride out until the last possible candle. Although it was a mild bullish breakout as the end result, the bulls did not enjoy their stay above $0.0014700 for long. Once price action started to show blips below that level, it did not take long for bears to come in and push price action below that level.
From a technical point of view, PEPE looks to be fishing for some support but needs to decline lower each time. On the chart only one real supportive area has decent prospects to undergird PEPE price.That is at $0.0010000 with the double bottom from May 12 as proof that it has already done that in the past. That means that bulls need to withstand another 15% decline before finally forcing a turnaround.
PEPE/USD 4H-chart
One element that could scare bears away preemptively is the RSI, which is quite stretched in the oversold area. Expect to see an earlier turnaround once no fresh bearish selling pressure is added to the current situation. Aquick U-turn toward $0.0014700 could appear with a very small possibility of making it up to $0.0016000 should that earlier mentioned level at $0.0014700 witness a bullish pop.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Three altcoins that have kickstarted Q4 rally: LINK, RDNT, FLOKI
Chainlink price has been on a tear for the last two weeks and has the potential for more upside. Radiant Capital price has breached a falling wedge and shows promise of further ascent.
Week ahead: Fed speech and NFP likely to dictate crypto market moves this week
With the start of 2023’s fourth quarter, things are finally getting interesting in crypto. While the next 12 weeks are extremely important, let’s start by focusing on what to expect this week.
DOT confirms trend reversal, eyes retest of $5 after reclaiming key hurdle
Polkadot price trades inside a tight range above a critical support level of $3.98. The daily RSI produced a higher high, signaling a surge in bullish momentum and a potential breakout scenario.
FLOKI sets stage for 30% rally
Floki Inu (FLOKI) price has triggered a quick but explosive uptrend in the last 24 hours. The uptrend has pushed the meme coin above a key hurdle and could assist FLOKI bulls in reversing the downtrend.
Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why
Bitcoin (BTC) price remains unfazed even after the multiple spot BTC ETF delays from the US Securities & Exchange Commission (SEC). But investors need to be careful with the ongoing BTC rally as it could be a trap for early bulls.