PEPE slides below key support level: Analyzing the impact

PEPE's price has declined by more than 10% in the last seven days. Most market indicators look bearish on the memecoin.

PEPE Bears Dominate Market

PEPE bears have heavily dominated the market in the last seven days, as both its daily and weekly charts are in the red. Recent price corrections have pushed the memecoin down to a crucial level, which could determine its future direction.

PEPE Loses Key Support

CoinMarketCap's data shows that PEPE's price has dropped by more than 10% in the last seven days. In the last 24 hours alone, the memecoin has experienced an 8% price correction. At the time of writing, PEPE is trading at $0.00001082 with a market capitalization of over $4.55 billion.

This price correction has pushed PEPE below a critical support level of $0.00001083. The recent dip could be disastrous for the memecoin's value, as the chances of the bearish trend continuing seem high.

AMBCrypto's Analysis

AMBCrypto's analysis of Hyblock Capital's data reveals that if bears dominate, investors may see PEPE plummet to $0.00000932. A drop from that support could lead to PEPE touching $0.000008. However, if the trend changes and the bulls step up their game, PEPE could reach $0.000012 in the coming days or weeks.

On-Chain Data

AMBCrypto analyzed the memecoin's on-chain data to gain insights into its direction. Santiment's data shows that PEPE's MVRV ratio has dropped sharply, indicating a bearish signal. However, selling pressure on PEPE is declining, as evidenced by a drop in supply on exchanges and a rise in supply outside of exchanges.

Whales are not confident in PEPE, as the supply held by top addresses is decreasing. In contrast, retail investors' confidence in PEPE is rising, as the memecoin's weighted sentiment has increased.

Technical Indicators

A look at PEPE's daily chart shows that the MACD indicator displays a bullish advantage in the market. The Relative Strength Index (RSI) has declined, indicating a potential for a continued price decline. However, the Chaikin Money Flow (CMF) is bullish, as it moved northwards on June 20.