Pepe Price Prediction as PEPE Slumps 12% to One-month Lows – Here’s Where Its Headed Next
Pepe Coin (PEPE), the third most valuable meme coin in the crypto space which exploded onto the scene earlier this year, has come under heavy selling pressure on Monday.
PEPE was last trading at one-month lows in the $0.0000013s, having slumped over 12% in the last 24 hours, as per CoinGecko.
The meme coin is coming under pressure amid a broader downturn in the crypto market that has seen the likes of bitcoin (BTC) dip back to $29,000 and ether (ETH) dip under $1,850.
Crypto investors/traders are likely locking in profit across the market on Monday amid a lack of fresh positive news to drive further drive up this year’s gains.
Fresh negative reporting relating to Binance, the world’s largest cryptocurrency exchange, has also likely soured the tone.
Pepe Coin’s latest drop means the token has now pulled back around 30% from its earlier monthly highs and is now trading to the south of both of its 21 and 50-Day Moving Averages.
Monday’s drop has not only seen Pepe Coin break to the south of its major moving averages but has also seen it break convincingly below an upwards trend channel that had been in play for around one month.
Recent price developments suggest that PEPE’s near-term technical outlook has taken a substantial turn for the worse.
Price predictions have thus, unsurprisingly, turned drastically more negative.
The next major area of support is at $0.00000084, which is a double bottom from early June.
With Pepe Coin’s 14-Day Relative Strength Index (RSI) suggesting that the cryptocurrency is still some way off having entered oversold conditions, there is a lot of scope for further near-term downside.
A drop to the June lows would mark a further 37% decline from current levels.
However, the $0.00000084 June lows could be a
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