As PEPE loses 15.92% in 7 days, Is THIS a potential support level?

PEPE Memecoin Faces Downtrend Amidst Rising Volume

Despite a recent surge in trading volume, the PEPE memecoin has experienced a significant price decline of 15.92% over the past week. This trend may continue due to several factors:

• Increasing Volume: A rise in volume suggests increased interest in a cryptocurrency. However, in this case, the price has fallen alongside the increased volume, indicating a potential strengthening of the downtrend.
• Whale Activity: While whales have been purchasing the dip, their impact on the price has yet to materialize.
• Exchange Inflows and Outflows: The difference between exchange inflows and outflows is minimal, suggesting a potential correction or stability in the token's price.

Technical Analysis:

From a technical perspective, PEPE's 4-hour chart shows:

• Fibonacci Retracement: Support at the 0.236 Fibonacci level ($0.000010) suggests a potential decline to that region.
• Moving Average Convergence Divergence (MACD): The MACD is positive, indicating momentum, but the 12 EMA and 26 EMA are in the negative region, suggesting a lack of bullish momentum.

Price Targets:

• If the downtrend continues, the price could fall below $0.000010.
• However, if buying pressure increases, PEPE could target the $0.000014 resistance level.

Conclusion:

While PEPE's price may not drop below $0.000010, the rising volume and technical indicators suggest a potential continuation of the downtrend.