- PEPE’s price was rejected at $0.00000122 and has since found it difficult to retest the position.
- If the 9 EMA crosses the 20 EMA, then PEPE may become bullish, and ride its way back above $0.000001.
- The RSI at 34.96 has kept bears in control but demand at $0.00000088 could change the momentum.
MN Trading Group CEO and crypto analyst Michaël van de Poppe said PEPE could rally gains while highlighting different target points. Van de Poppe, who shared this opinion on Twitter, noted that respite would follow because the meme had “swept the lows” again.
Over the last 30 days, PEPE has found it difficult to sustain any upward momentum. According to CoinMarketCap, the frog-themed cryptocurrency has lost 26.46% of its value in the last seven days.
Furthermore, its market cap, which was once $1 billion has retraced to remain only a little above $340 million. This signifies declining interest in trading the token while less of it has been circulating.
As it has been in the past few weeks, PEPE’s prediction of a potential breakout has not yet become a reality.
PEPE Lacks Solid Support
On June 6, PEPE found crucial support at $0.0000001, indicating a surge in buying pressure. However, the token met resistance at $0.00000122, leading to a sharp decrease in the price.
Based on the 4-hour chart, PEPE repeatedly tested new support levels but was unable to find a balance. This occurred within short periods, indicating that bears kept up the pressure.
However, it could be difficult to find a suitable entry point for PEPE based on its current trend. Besides its downsloping movement, the 20-day EMA (orange) was above the 9-day EMA (blue). Usually, this suggests that the price could remain bearish in the short term.
But since the 9 and 20 EMAs were close, a potential crossover could appear soon, with the possibility of setting up a reversal.
Only Increased Demand Can Save the Day
Moreover, the downward trend of the Relative Strength Index (RSI) at 34.96, and its closeness to the negative region showed more bearish control.
So, if bulls want to prevent another significant decline in price, then PEPE would require much more buying pressure at $0.00000088 unless PEPE’s price sinks further. Consequently, this could make it difficult to find a solid long position.
Meanwhile, van de Poppe is not the only analyst who opined about a rally. On June 9, YouTuber Altcoin Sherpa tweeted that PEPE could move upwards. But he added that it depended on the condition of the 0.5 Fibonacci retracement level.
At press time, PEPE intra-day price was $0.000000875. Also, its 24-hour trading volume had decreased by 30.38% as the value dropped to $114.15 million.
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