Does This Support Level Make Sense if Pepe Falls 15.92% in 7 Days?

Journalist

• A combination of increasing volume and price decline could bring down the memecoin’s value.
• PEPE could rise as high as $0.000014 in case of a reversal.

Pepe and other memecoins have had a rough week. [PEPE]. According to data from CoinMarketCap, the token’s price is $0.000012.

That represents a 15.92% decline over the past seven days.

It doesn’t look like that will change anytime soon. That could be due to PEPE’s increasing volume.

At the time of publication, it was at $1.22 billion. An increase in volume indicates that interest in a cryptocurrency is growing. A decrease in volume suggests fewer purchases and trading.

The future of memecoin is uncertain

If trading volume increases along with price, it indicates that there are many more buyers. This could reinforce the uptrend.

The price of PEPE fell as volume increased. This suggests that the downtrend could get stronger. If this trend continues, the price could drop and reach $0.000020.

AskFX announced a few days ago that whales are buying the dip. A whale, in non-crypto parlance, is a person who owns large amounts of cryptocurrency.

Whales can significantly influence prices due to their large holdings. The impact of accumulation on the price of memecoin is yet to be seen.

We then checked whether the selling was still strong or not. To do this, we looked at the exchange flow.

Santiment reports that the exchange inflow was $5.63 billion. PEPE, on the other hand, had a net outflow of $5.67 billion. The number of tokens being sent to exchanges is tracked by the exchange inflow.

In most cases, an increase in exchange inflow leads to a drop in price. If exchange outflow increases, it means that market participants have decided to hold the cryptocurrency.

The difference between the inflows and outflows was therefore minimal. The token may not need to correct again.

PEPE price is one cent below $0.000010

PEPE may not fall below $0.000010. If the market gets overheated by bearish forces, the price could fall.

AskFX looked at the token from a technical point of view on the chart for the 4-hour timeframe. We started by looking at the Fibonacci tool, which shows a specific resistance and support point.

The price of the token could change dramatically. At the time of publication, the 0.236 Fibonacci was at $0.000010. This level was a support for PEPE and indicated that the price could fall in the region.

The Moving Average Convergence Divergence or MACD also supports this. The MACD was positive at the time of publication.

Pepe’s [PEPE] Price Predictions 2024-2025

However, the 12 EMAs (blue) as well as the 26 EMAs (orange) were both in the negative territory. This suggests that the momentum is not exclusively bullish.

However, if buying pressure increases, PEPE could be pushed into the resistance of $0.000014, where the golden ratio of 0.618 is located.