We had a PEPE storm in the cryptocurrency world in April. But this storm seems to be over for now. So, how will the process work for crypto money from now on? Let’s have a look at the details.
Is the process over for PEPE?
Pepe (PEPE) price showed a lack of buyer participation throughout May. Because of this, the excitement and sensation of the meme coin has decreased. The token has switched between neutral and bearish. The lack of momentum for PEPE has become too much. In this context, while the crypto money markets were rising, they could not react to the effect of the Bitcoin (BTC) price over the weekend. Pepe (PEPE) price has lost ground against Dogecoin in terms of daily trading volume. For this reason, meme coin aficionados were astounded. Last week, PEPE and DOGE recorded a daily trading volume of $227k and $168k, respectively. This week, there was a transaction volume of 116 thousand and 187 thousand dollars for DOGE. This shows that smart money investors are turning their focus to the king of meme coins.
While there is nothing interesting for the meme coin on the higher timeframes, the 2-hour timeframe Pepe shows that the price action has formed a descending triangle. This chart formation is generally bearish. It also indicates a potential price drop in the future. This pattern can be seen when the price action of the asset records a series of lower highs while the support level remains stable. Accordingly, this means that the supply of assets increases in response to the weakening in demand.
Meme coin analysis
Meme coin PEPE price is sitting above immediate support near $0.00000141. Elsewhere, it faces resistance at $0.00000147, which is marked by the downtrend line of the management pattern. There is a descent below the base of the triangle at $0.00000137. This could potentially trigger a sell trend to lows around the $0.00000106 support stream on May 12. The Relative Strength Index (RSI) and Moving Average Convergence Deviation (MACD) indicators add confidence to the bearish thesis. Their position below the middle line indicates that the bears are leading the PEPE market.
Conversely, the resurgence of the bulls will push Pepe coin to the $0.00000147 resistance level. After this level, the next target is $0.00000151. In a fairly bullish case, Pepe price will tag the $0.00000178 resistance level. In such a case, the meme coin will regain its May 20 high. This move will mean a 25% rise from the current price level. On rare occasions, such a scenario is possible given that the RSI has turned north, signaling the re-entry of marginalized investors. If this trend continues, the RSI will soon rise above the yellow band. Eventually, PEPE will signal a buy call. As we have emphasized as Kriptokoin.com, the fact that market players heed this call means an increase for meme coin.
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