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- The price of PEPE has fallen more than 10% in the past seven days.
- Most market indicators looked bearish on memecoin.
baby Bears have largely dominated the market in the past seven days, as the daily and weekly charts have been in the red.
Recent price corrections have pushed the memecoin down to a critical level, which could be a deciding factor in its future. Let’s take a closer look at what’s happening.
Bibi loses key support
Coin Market Cap Data He revealed that the price of PEPE has fallen by more than 10% in the past seven days.
In fact, in just the last 24 hours, memecoin has seen an 8% price correction. At the time of writing, memecoin is trading at $0.00001082 with a market capitalization of over $4.55 billion.
This price correction pushed the memecoin down from the critical support level of $0.00001083.
The recent decline could be disastrous for the value of the memcoin, as the chances of the downward trend continuing appear high.
AMBCrypto analysis of Hyblock Capital data revealed that if bears dominate, investors could see PEPE fall to $0.00000932 with liquidations rising at that level.
A fall below this support could take PEPE to $0.000008. However, if the trend changes and the bulls step up their game, PEPE price could reach $0.000012 in the coming days or weeks.
Source: Hyblock Capital
What do you expect from Baby?
AMBCrypto then analyzed the data on the memecoin chain to better understand which direction it was headed.
Our analysis of Santiment data revealed that memecoin’s MVRV declined sharply, which can be inferred as a bearish signal.
However, selling pressure on PEPE has been declining. This was evident from the recent decline in supply on exchanges and the rise in supply outside of exchanges.
But whales were not confident about the memecoin as the supply held by the top headline chart moved south. Unlike whales, retail investor confidence in PEPE has been on the rise.
aMBCrypto mentioned Earlier, the likely sentiment for memecoin increased, which meant that bullish sentiment around memecoin was on the rise.
Source: Santiment
is reading baby [PEPE] Price prediction 2024-25
We next planned to take a look at the daily memecoin chart to see what the market indicators were suggesting. We found that the technical indicator MACD showed a clear bullish edge in the market.
The Relative Strength Index (RSI) registered a decline, indicating that the likelihood of continued price declines was high. However, Chaikin’s cash flow (CMF) looked bullish as it moved north on June 20.
Source: Trading View
