Pepe Price Forecast: PEPE bears target double-digit drop amid market weakness
Pepe price is extending its decline on Tuesday after falling more than 18% the previous day.
On-chain data shows that PEPE’s daily active addresses and trading volume are falling, indicating a bearish picture.
The technical outlook suggests a further correction targeting a double-digit drop.
Pepe (PEPE) price extends its decline and trades around $0.0000068 on Tuesday after falling more than 18% the previous day. On-chain data support the bearish outlook as PEPE’s daily active addresses and trading volume are falling. The technical outlook suggests a further correction targeting a double-digit drop.
Pepe price broke below the ascending trendline (drawn by connecting multiple lows since mid-April) on Feburary 24. However, it retested this broken trendline on Sunday and faced a rejection, declining 18.12% on Monday. At the time of writing on Tuesday, it continues its decline, trading at around $0.0000068.
If Pepe continues its downward momentum, it could extend its decline by 16% from its current trading levels to retest its August 5 low of $0.0000058.
The Relative Strength Index (RSI) on the daily chart reads 33 after rejecting around its neutral level of 50 and approaching its oversold level of 30, indicating a strong bearish momentum.
