THE PEPE Price Could Be in Trouble from here after failing to maintain its upward momentum. This has led to the resumption of the bearish momentum, and it could continue if the bulls fail to push the price higher. If the bears win this situation and maintain control, the PEPE price could continue to fall. According to crypto analyst Alan Santana, such a development could take the PEPE price back to levels not seen since early 2024.
PEPE at risk of further decline
Crypto analyst Alan Santana took to the TradingView website to to warn investors of a possible decline that could be coming for the price of PEPE. This is due to the fact that the meme coin has recovered its gains from the beginning of the week and has started to give some bearish signals.
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One of the first bearish signs pointed out by the crypto analyst is volume. According to him, the PEPE chart shows increasing downward volume combined with a break below the MA200. This comes with the correction that the meme coin has undergone, pushing it below $0.000009.
Santana explains that price drop for PEPE price So far it has only happened at the 0.618 Fibonacci retracement level. This leaves the 0.786 Fibonacci retracement level, but not without risk. Apparently, there is a possibility that the PEPE price will still fall to reach this level. However, the crypto analyst believes this will not disturb its long-term bullish structure.
However, if this level breaks, then it could be very bad for the meme coin. As the crypto analyst explains, it would be “crazy” if that happened. Such a move could trigger a big drop, which could take it to new monthly lows. Furthermore, this is associated with the strong possibility of a downward movement.
Targets for the crash
In case of PEPE price testing the 0.786 Fibonacci retracement level and breaking below it, the crypto analyst sees a big drop coming for the price. There are two support levels outlined depending on the strength of the bulls.
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At first support, the crypto analyst expects somewhere around $0.00007, which represents a decline of over 25% from here. If this level does not hold, then the analyst expects the PEPE price will change towards the next available support, just above $0.000004.
If the second scenario comes to fruition, then the PEPE price could see a drop of more than 50% in relation to its current level. However, if the price holds from here, then may be above $0.00001 again.
Featured image created with Dall.E, chart from Tradingview.com