- PEPE cryptocurrency faces challenges maintaining upward trajectory, market cap dwindles.
- Analysts, including CEO of MN Trading Group, predict potential for PEPE surge.
- Close monitoring of support and resistance levels crucial for informed investment decisions.
According to Michaël van de Poppe, the CEO of MN Trading Group and a seasoned crypto analyst, PEPE has the potential to surge in gains, with various target points in sight. Van de Poppe took to Twitter to express his views, emphasizing that a respite would ensue as the meme had once again “swept the lows.” As a professional in the field, van de Poppe’s insights carry weight and are worth considering for those interested in the crypto market.
During the past month, PEPE has encountered challenges maintaining its upward trajectory. As per CoinMarketCap’s data, the cryptocurrency adorned with a frog motif has experienced a decline of 26.46% in its value over the last seven days.
Moreover, the token’s market capitalization, which previously stood at $1 billion, has now dwindled to a mere $340 million, indicating a waning enthusiasm for trading the asset and a reduction in its circulation.
Despite PEPE’s previous predictions of a potential breakout, the anticipated outcome has yet to materialize in recent weeks.
Solid support is lacking for PEPE
On the 6th of June, PEPE experienced a significant boost in buying pressure as it found a crucial support level at $0.0000001. However, the token encountered a formidable obstacle at $0.00000122, resulting in a sharp decline in value. These market movements highlight the importance of closely monitoring support and resistance levels to make informed investment decisions.
According to the analysis of the 4-hour chart, PEPE underwent multiple attempts to establish new support levels yet failed to achieve stability. The frequent occurrence of this phenomenon suggests that the bears maintained their dominance and exerted consistent pressure.
Identifying a viable entry point for PEPE amidst its current trend is challenging. The downward trajectory of the asset is compounded by the 20-day EMA (orange) hovering above the 9-day EMA (blue), indicating a potential continuation of bearish sentiment shortly.
Given the proximity of the 9 and 20 EMAs, there is a promising prospect of an imminent crossover, potentially triggering a reversal.
Demand is the only savior for the day
Furthermore, the RSI’s decline to 34.96 and its proximity to the negative territory indicate a stronger bearish influence.
To avert a substantial dip in value, bullish investors must muster a considerable amount of buying power at the $0.00000088 mark for PEPE. Please do so to avoid further depreciation, complicating the search for a stable long-term position.
In addition to van de Poppe’s bullish sentiment, other analysts have also weighed in on the potential for a rally. Altcoin Sherpa, a prominent YouTuber, recently took to Twitter to suggest that PEPE may experience an upward trajectory. However, he cautioned that this outcome hinged on the state of the 0.5 Fibonacci retracement level. Such insights from multiple industry experts serve as valuable indicators for investors seeking to make informed decisions in the market.
As of the latest update, the intra-day price of PEPE stands at $0.000000875. Additionally, the 24-hour trading volume has experienced a decline of 30.38%, resulting in a value of $114.15 million. These figures reflect the current state of the market and provide valuable insights for investors and traders alike.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
