The Pepe meme coin, which recently enjoyed an all-time high of $0.000025 on November 14, has encountered a 20% drop as investors hastily locked in profits. Presently, it is trading at $0.000020 with technical chart indicators pointing towards further weakening, urging holders to vigilantly observe pivotal price thresholds.
Pepe's one-day chart on the PEPE/USD pair reveals that the altcoin's Chaikin Money Flow (CMF) is close to breaching the critical zero line.
As of now, this momentum indicator hovers at the center line. The CMF, an analytic tool assessing accumulation and distribution by correlating price movement with volume, indicates more distribution than accumulation when declining. This trend highlights diminishing bullish energy.
Should PEPE's CMF fall below the zero line, bearish momentum would be confirmed, likely exerting additional downward pressure. Moreover, the Moving Average Convergence Divergence (MACD) for PEPE reinforces this bearish outlook, evident as the MACD line rests below the signal line. This tool gauges price trends and momentum, helping in identifying reversal points, and suggests a selling window for traders amid current price weakening.
At the current juncture, PEPE's price is slightly over the crucial $0.000018 support level. Persistent selling pressure risks pulling the coin below this mark, possibly reducing its value to $0.000015. Conversely, renewed buying interest might propel a sharp climb to $0.000021.
A firm breakthrough could set PEPE on a course to reclaim its top record of $0.000025.