PEPE Price Tumbles Below Major Support – Is It Over For The Top Frog?

Jump into PEPE price analysis as the top frog Pepecoin plummets beneath critical life-line support. Is it all over for the top frog meme coin?

While the famous meme Pepe has been one of the best performers this year, it has just broken major support, so we decided to do some technical analysis on it. So, is it over for Pepe? Let’s dive in.

Pepe Price Analysis: Support and resistances

(Pepe-USDT – support and resistance)

When looking at the chart, we can establish that $0.01066 has been acting as both support and resistance on multiple occasions and must be seen as a very important level.

Price closed below it for the first time since May 20th last week, and we have been unable to climb back above or even retest it. This is clear weakness.

We can also establish that $0.0065 has previously been acting as support, and this is an obvious place for the price to retest!

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Pepe Price Analysis: Moving Averages

(Pepe-USDT – Moving average)

Moving averages are highly used by traders to determine exits and entries. They are simply moving support and resistance because, as the name suggests, they use the closing price of the candles to make a moving average.

You will then, through experience, find out what moving averages work well on different pairs and timeframes. I can personally suggest using 30, 100, and 200 as those are the most used ones. The 200 MA will use the average price of the last 200 candle closes.

On Pepe, we are using the 100 MA as it’s a good trend indicator we have found. We can see that ever since Pepe exploded above the 100 MA in March, it has pumped on every touch of the moving average.

Last week, the price closed below it, retested it yesterday, and dumped back down. This is bearish!

Pepe Price Analysis: Relative Strength Index

(Pepe-USDT – Relative Strength Index)

Relative Strength Index, also known as RSI. We can gather some insight into the strength of the asset. Something is considered oversold when the indicator reaches below 30 and overbought above 70. It does not mean it is bottomed or topped.

First thing I notice when I look at RSI is that every time it has come within the oversold area or slightly above, it has pumped a bit previously. Can it keep this trend this time?

"I think $Pepe looks bearish here."

Brother, I cannot for the life of me understand how you could be bearish this chart. Get off of the 5 minute time frame, sit back & enjoy the ride. $ETH isn't even in price discovery yet… that's when this next part happens. pic.twitter.com/Bb9MH5vYvj

— Max (@MaxBecauseBTC) June 9, 2024

Let’s conclude the analysis. As it stands, Pepe is in between support and resistance. Went below 100 MA on daily time frame for the first time in over 4 months. RSI is showing weakness.

So, despite the experts’ super bullish outlook shown above, we think it’s time to be cautious for now. Maybe it makes more sense to look at something like PeiPei, which has shown impressive performance recently.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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