The famous frog-themed memecoin, Pepe (PEPE), is at a serious point, deciding if it will break or bounce back. After a major rally this year, the coin has come to terms with the fluctuation in selling pressure, indicating the coming volatility. At press time, the coin is trading at $0.000007216 with a 0.93% decrease rate. This momentum prompts a question among traders and investors: Can it sustain it or not?
Also Read: Pepe Coin’s (PEPE) Surprising Nov 2 Predictions: Change of Course Expected During Chaos ?
As of this month, the coin is trading at $0.000007216. According to the data provided by CoinCodex, the coin might have an average price of $ 0.000005754 and a maximum price of $ 0.000007272. It might also have a Potential ROI of 0.09% in October of this month. The data also indicates that the coin might finish this year with a $ 0.000005839 and a Potential ROI of -19.64%.
This data suggests a bearish momentum for the coin.
According to TradingView charts, the memecoin is now in a bearish momentum. The moving average indicator shows that the coin is experiencing a bullish momentum since the MA lines are above the candlesticks. The relative strength index suggests that the coin is going through a selling pressure since the RSI lines are above the 50 median mark.
The chart also shows that the coin is experiencing resistance (yellow) at $0.00000823, and this can rise up to $0.00000900 if the value goes beyond the level. The support level (blue) of the cryptocurrency is at $0.00000697 and can drop to $0.00000500 if it dips below the line.
The data given by CoinMarketCap dictates that 87% of the traders hope for a bullish trend for the coin. The rest 13% says that the coin might continue in the bearish momentum. Although the peak social media hype for the memecoin has decreased from earlier this year, the coin might regain its momentum if the market scenarios are favourable.
Other larger memecoins, such as Dogecoin and Shiba Inu, have also witnessed mixed rallies this year. This has immensely contributed to the lesser flows in the much smaller coins like PEPE.
Also Read: PEPE Shows Strong Momentum: Is a Major Price Surge on the Horizon?
