🐸 PEPE Losing Steam — Is the Hype Finally Fading?
Pepe rejects the main resistance level last week, hence his price on Tuesday is $0.000013.
Momentum indicators of PEPE indicate a bearish divergence, suggesting a likely trend reversal.
On-chain data reveals pessimistic bets among traders peaked in more than a month.
After failing to cross a crucial resistance level at $0.000016 last week, Pepe (PEPE) price displays indications of bullish tiredness on Tuesday. On the momentum indicators, the frog-themed meme currency shows a bearish divergence that suggests a likely trend reversal. On-chain data indicates a declining negative attitude as traders soaring to the greatest level in over a month increase the likelihood of a possible downward movement.
Pepe Price Forecast: Weakness in momentum signs
Pepe price dropped 12.19% till Sunday after rejection around its daily level on Friday at $0.000016. Still, it rebounded somewhat slowly in the beginning of the week. It hangs around $0.000013 at Tuesday while I was writing.
At its present level, $0.000013, sideline investors seeking sell prospects might do so.
Should Pepe's retreat persist, the downturn might spread to retest its next daily support around $0.000012. Any follow-through selling below this level would cause a decline to $0.000011, based on its 50-day exponential moving average (EMA).
Since the price of the Pepe meme currency is below the crucial daily resistance level at $0.000016 on the daily chart, the bearish thesis is still valid; a closure above this level would invalidate it.
