SNEAK PEEK
Pepe’s token price has shown a bearish trend in the past 24 hours, despite a prolonged buy-off.
As of now, PEPE is trading at $0.000002342, with bearish pressure ruling the market.
The cryptocurrency is facing strong rejection at the $0.000003093 level.
Today’s market is a seller’s paradise, as the price of PEPE has been pushed further lower than expected. The bearish pressure has been consistent in the past few hours after a prolonged buy-off that has been met with strong resistance.
PEPE/USD daily price chart: CoinMarketCap
The market opened today’s trading section with strong bullish momentum and continued to surge higher until it reached a peak at the $0.000003093 level, where it found resistance and started to lose its gains as sellers dominated the market. As of now, PEPE is trading at $0.000002342 with bears controlling the market, pushing prices lower than expected.
Despite the bearish trend, some analysts are expecting a short-term bullish rally in Pepe’s prices as buyers will continue to accumulate tokens, as seen from the prolonged buying-off, which has gained more than 122 percent in the last seven days. Analysts also suggest that investors focus on long-term investments, as PEPE is still in its infancy and has room for further appreciation over time.
Data from CoinMarketCap shows that PEPE’s 24-hour trading volume has also decreased by 29.66 percent to $886,530,816, which reflects the bearish trend in the market. The total market capitalization of Pepe is currently at $908,088,910, with a 24-hour decrease of 10.51 percent, ranking at the 51st position on CoinMarketCap.
The hourly Bollinger Bands are contracting, indicating that the market is entering a consolidation phase. The upper Bollinger Band is at $0.000003713, which may act as a resistance point if bullish momentum picks up, while the lower Bollinger Band is at $0.000001901, which could act as a support point if the market continues to be bearish.
PEPE/USD 1-day price chart: TradingView
The Relative Strength Index (RSI) is at 47.08, indicating that the market is still in neutral territory, and if bearishness persists, the RSI will fall further into the oversold region. The moving average convergence divergence (MACD) is also in bearish territory, with a signal line below the MACD line. The histogram is also decreasing in size, indicating that bearish momentum is still ruling the market.
To sum up, Pepe’s price is currently trading at $0.000002342, despite the prolonged buying-off in the past few days. Bears still dominate the market as prices test new lows and reject higher levels of resistance. Despite this, some analysts are expecting a short-term bullish rally due to increased buyers looking for long-term investments. It will be interesting to see how the market responds in the coming days and whether Pepe is able to break through the resistance or succumb to further bearish pressure.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.
The post Pepe Price Analysis 08/23: PEPE is Down by 13.29% Due to Seller Dominance Despite Prolonged Buy-Off appeared first on Every News Bite is Essential for Investment.
