PEPE Crypto Price Breaks Below Crucial Support; What’s Ahead?

• PEPE crypto has witnessed a huge increase in its trading volume.
• The PEPE crypto is trading at a level of $0.00000090, witnessing a rise of 0.71%.

PEPE is a meme coin inspired by Pepe the Frog. It has no presale, taxes, or value. It aims to be fun and entertaining, with various community projects and merchandise. PEPE was not created by Matt Furie, but honors his work.

The market cap of the PEPE crypto is $378.27 Million and the trading volume has increased by 70.32% in the last 24 hours. The traded volume value of the crypto is currently $89.13 Million.

The volume/market cap ratio of the crypto is 23.53% and the total supply is 420.69 Trillion PEPE and the max supply is the same. Additionally, the fully diluted market cap of the crypto is $379.81 Million.

The price of the PEPE crypto has declined by 23.6% in the last 30 days and the meme coin has been trading 79.0% below its all-time high price of $0.054307. PEPE is built on Ethereum and uses the ERC-20 token standard.

The market cap dominance of the crypto is relatively low at 0.02% while the volatility is very high at 11.05%. The sentiment of the crypto is bearish at the moment.

PEPE Crypto Derivatives Analysis

The derivatives trading volume of the crypto has increased by 110.55% in the last 24 hours while the open interest has declined by 2.6% to $17.59 Million. The value for the derivative traded volume of the crypto is $50.36 Million.

The long liquidation for the crypto is worth $200.22K against the short liquidation of $92.33K.

PEPE Crypto Technical Analysis

The trading price of the PEPE crypto has declined below the crucial support of $0.000000103 and the price has faced multiple rejections at this level. 

The PEPE crypto price is moving inside the expanding wedge pattern while following a strong downtrend as it has declined below the crucial change of character level. 

PEPE/USD Chart by TradingView

The 20-day and the 50-day EMAs are forming a death cross and the price is also consistently declining to a lower level while also declining below the EMAs. This points to a negative behavior of the price.

The signal line on the MACD indicator chart is situated above the MACD line by declining below the zero level, which indicates weakness in the price.

The RSI is also highly negative, indicating weakness in the price and it is situated close to the oversold zone. It has declined below the 14-day SMA level which indicates the possibility of a further decline in the price.

Summary

The PEPE crypto has plummeted below key support levels. It has no fundamentals, high volatility, and low market cap dominance. The technical indicators show a strong downtrend, with bearish signals given by the MACD, RSI, and the EMAs. PEPE is likely to continue its downward spiral.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.