By Pepe is reeling amidst high volatility following a stunning 167% pump, but with retracement on the cards, can PEPE price analysis predict whether PEPE is about to crash?
This article will provide an analysis of PEPE’s current price trends and look to see whether a newer airdrop-oriented meme coin represents a more promising investment opportunity at this time.
The next leg up on $PEPE is going to be insanely explosive sending price past all time highs and into price discovery
Multiple billion market cap coming soon pic.twitter.com/Krw0LqFCjD
— Jameson (@JamesonEth) February 29, 2024
With price action attempting to consolidate, the crypto community is shifting into greed, traders are now calling for a push-up to a new all-time high as bullish sentiment dominates discussions across crypto X.
PEPE Price Analysis: As Pepecoin Tumbles -8% Into Consolidation – Will PEPE Skyrocket or Crash?
As PEPE attempts to stabilize in a wide consolidation zone characterized by high volatility, Pepecoin is currently trading at a market price of $0.00000317 (representing a 24-hour change of +15.33%).
Retracement has gripped price action since the substantial price increase earlier in the week, in a move that saw PEPE top out at a local high of $0.00000363.
Now trading at a -12.4% retracement, PEPE price is attempting to establish a lower support level at $0.00000310, with a lower support level also contributing to the structure down at $0.00000266.
But while volatility is dominating the attempted consolidation, PEPE price still remains high in the trading channel, at a +100% divergence above the 20 DMA (a key moving average, which while ascendant; remains at $0.0000016).
This could imply a need to retrace further in order to increase the health of Pepecoin’s technical structure and avoid PEPE price becoming over-extended.
Glancing at PEPE’s indicators, this is a view backed by the RSI, which remains severely overheated at 80, highlighting a need for a deeper retracement move to allow price action to cool off.
A declining MACD also reflects this sentiment, reflecting a deceleration in rally momentum at 0.0000000022.
Overall, PEPE price analysis depicts the tail-end of a big pump, with price action in a delicate balance as holders attempt to consolidate recent gains.
To the upside, PEPE price is targeting a return to the local high at $0.00000363 (a possible +14.87%).
While downside risk could see PEPE price tumble back down to $0.00000266 (a potential -15.82%).
Consequently, PEPE price analysis reveals a risk: reward ratio of 0.94 on the short-time frame – a bad entry characterized by downside risk.
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