Pepe Price Dips 6% As Bearish Signals Prevail: What Next For PEPE?

Pepe Price: Bearish Trend Amidst Market Correction

Pepe Price, a notable meme coin, has entered a bearish trend following market corrections. This trend aligns with similar patterns observed in other meme coins, such as Dogecoin, Shiba Inu, and Floki.

Profitability Among Pepe Price Holders

Despite the price decline, data from IntoTheBlock indicates that 72% of PEPE Coin addresses remain profitable. These addresses have acquired PEPE at prices below its current market value.

However, the 23% of investors facing losses pose a risk of increased selling pressure, which could exacerbate the ongoing bearish trend. The recent increase in outflows coincides with the price decline, suggesting heightened investor concerns.

Continued Downward Trend

Over the past 24 hours, Pepe Price has experienced a significant price movement. As of European trading hours, it hovered around $0.0000095, marking an 8% decrease.

Volatility is evident, with the price ranging between $0.8924 and $0.00001052. If bearish trends persist, Pepe Price may encounter support at $0.000009 or extend the decline to $0.000008.

Technical Indicators

Technical indicators paint a bearish picture. The Relative Strength Index (RSI) of 25 suggests an oversold condition. The Moving Average Convergence Divergence (MACD) line at -0.00000049 remains below the signal line at -0.00000055, reinforcing the downward trend. Negative bars on the histogram indicate growing selling pressure.

Pepe Price Chart by TradingView

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