Price: $0.39391 4.2428%
Market Cap: 57.86B 1.7544%
Volume (24h): 8.74B 0.4%
Dominance: 1.7544%
Price: $0.39391 4.2428%
Market Cap: 57.86B 1.7544%
Volume (24h): 8.74B 0.4%
Dominance: 1.7544% 1.7544%
  • Price: $0.39391 4.2428%
  • Market Cap: 57.86B 1.7544%
  • Volume (24h): 8.74B 0.4%
  • Dominance: 1.7544% 1.7544%
  • Price: $0.39391 4.2428%
Home > Information news > PEPE Faces Potential Further Decline

PEPE Faces Potential Further Decline

Release: 2024/08/29 00:08 Reading: 238

Original author:COINTURK NEWS

Original source:https://coinmarketcap.com/community/en/articles/66cf219a7569531d82854ade

PEPE Faces Potential Further Decline

Potential Further Decline for PEPE Memecoin

The PEPE memecoin, inspired by the popular frog image, has been trading within a descending wedge pattern since May 27. Since then, its value has fallen by 52%, currently hovering around $0.0000077.

Descending Wedge Formation

A descending wedge is a pattern where an asset's price moves between two converging downward trend lines. Usually, this formation is considered bullish, indicating a potential upward breakout. However, for PEPE, a bearish outcome may be more likely.

Bullish Formation Invalidated

Since August 25, PEPE's price has dropped significantly, nearing the lower trend line of the wedge. If the asset falls below this support level, it could invalidate the bullish potential associated with this formation, signaling a continuation of the downtrend.

Technical Indicators

PEPE's technical analysis supports this possibility. It has fallen below both its 20-day EMA and 50-day SMA, two important moving averages. Additionally, its RSI is below its neutral line, indicating low buying pressure.

Negative Sentiment

The negative weighted sentiment surrounding PEPE further reinforces the bearish outlook. A value below zero suggests that online conversations about the asset are predominantly negative, typically associated with a decline in value.

Potential Price Movements

If PEPE fails to defend the lower wedge line, it could drop to its August 5 low of $0.0000059, representing a 28% decline. Conversely, if the trend reverses, it could potentially rise to $0.0000086.

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.