PEPE Price Plunges 6% as Technical Indicators Uphold a Bearish Picture

Over the past 24 hours, the PEPE price has seen a 6.62% decrease, contributing to a 5% plunge in the memecoin sector. This comes as the memecoin sector is bleeding, as DOGE and SHIB follow suit with a 3% decrease. 

On the other hand, data from Coinglass shows that the short positions are comparably higher than the long positions. This suggests some bearish prospects in the Pepe market, tilting the odds to the downside.

Meanwhile, the price of Pepe is inside a descending triangle pattern and is currently retesting the support level. A bounce from the $0.000006999 could give Pepe enough demand to push the price above the channel.

Pepe Statistical Data

Based on CoinmarketCap data:

• PEPE price now – $0.000007128
• PEPE trading volume – $422.73 million
• PEPE market cap – $3 billion
• PEPE total supply – 420.69 trillion
• PEPE circulating supply – 420.69 trillion 
• PEPE ranking – #26

The Pepe price is roaming in the red zone, within the confines of a descending triangle, reinforcing the bearish sentiment in the market. Since August, the frog-themed memecoin has been on a downtrend, tilting the odds in favor of the sellers. Currently, the bulls have established strong support at around $0.000006999, which acts as a cushion against downward pressure. However, if the bulls won’t defend this critical level, the bears might keep on dominating, causing the price of PEPE to plunge.

Technical Outlook Paints a Bearish Picture in the Pepe Market

Diving into the technical outlook, the PEPE price trades below the major bullish technical indicators. To start with, Pepe trades below the 50-day and 200-day Simple Moving Averages (SMAs), with the bulls facing immediate resistance at $0.00000894 and $0.00000919. This outlook paints a bearish picture of the market, with odds leaning toward the downside.

Moreover, the Relative Strength Index (RSI) has dropped to 39, below the 50-midline, signaling increased selling pressure. If the bulls do not initiate a buy-back campaign at this level, the bears might keep dominating, causing the RSI to jump below the 30-oversold zones. 

Meanwhile, the Moving Average Convergence Divergence (MACD) worsens the outlook as it steadily upholds a bearish outlook. This is manifested as the MACD indicator (blue) has crossed below the signal line (orange), signaling a sell signal in the market. This outlook suggests that there is a shift in market momentum from bullish to bearish. Moreover, traders and investors looking to add to their positions should wait till the MACD changes. 

Will the Bulls Gain Momentum at this level?

In the daily chart above, if the sellers keep dominating, the Pepe price will dwindle. If the bears prevail, the price of Pepe might continue with its downward trajectory, with $0.000006999 acting as the immediate support level. A breach and break below support will see the price plunge to $0.000006182. On the other hand, if the bulls gain momentum at this level, the price of Pepe might rebound, breaking above the $0.00000919 barrier. In a highly bullish case, the bulls might reclaim the $0.0000100 mark.