Pepe Price Prediction: PEPE Plunges 5% As Investor Frenzy Erupts Around This Layer 2 Challenger Amid Binance Listing Speculation

Pepe Price Retraces After Parabolic Rally

The Pepe price has experienced a 5% decline over the past 24 hours, reaching $0.00001841 as of 11:27 p.m. EST. This decline has been accompanied by a 5% reduction in trading volume to $3.5 billion.

Price Trend and Technical Analysis

In November, the overall Pepe price trend turned bullish, breaking out from a consolidation phase near $0.0000010. Currently, the price is retracing from a parabolic rally and appears to be in a cooling-off phase, forming a descending channel.

Despite this, Pepe remains above both its 50-day and 200-day Simple Moving Averages (SMAs), suggesting that bullish sentiment could prevail. The Relative Strength Index (RSI) has cooled off from overbought levels during the rally and now hovers around 57, indicating neutral-to-slightly-bullish conditions.

Support and Resistance Levels

If the current price correction continues, the first potential support level is $0.00001309, within the 50-day SMA. The 200-day SMA acts as a strong support at $0.0000109.

Potential Breakout and Continuation

As long as the price remains above the 50-day and 200-day SMAs, the overall trend remains bullish. A breakout from the current descending channel could lead to retesting or surpassing recent highs near $0.0000020.

Note:

This article does not constitute financial advice and is provided for informational purposes only. Investors should conduct their own research before making any investment decisions.