PEPE Poised for 18% Price Decline Amid Bearish Price Action

Pepe (PEPE), the popular and the third-largest meme coin is poised for a notable price decline as it has broken out from a crucial support level.

The post PEPE Aims for 18% Price Decline Amid Bearish Price Action appeared first on Coinpedia Fintech News Pepe (PEPE), the third-largest meme coin by market capitalization, is set for a significant price decrease after breaking out from a crucial support level.

The sentiment across the cryptocurrency market on November 5, 2024, is notably bearish, impacting PEPE with a downtrend.

At the time of writing, PEPE is trading at $0.00000797, having recorded a price decrease of 2.75% over the last 24 hours. The meme coin’s price experienced a minimal change over the last week, with a slight decrease of 0.2%.

However, PEPE's price has decreased by a substantial 91.3% from its all-time high of $0.0000911, which was attained during the meme coin mania in early 2024.

A technical analysis by our experts reveals that PEPE is displaying a bearish outlook on a daily time frame. The meme coin has broken out from a descending triangle price action pattern, indicating a higher chance of further price decline.

After breaking out from the triangle pattern, PEPE has a crucial support at the $0.00000795 level. If the meme coin closes a daily candle below this level, there is a possibility of a further price decrease of 18% to reach the $0.0000065 level in the coming days.

On a daily time frame, PEPE has also breached its crucial support at the 200 Exponential Moving Average (EMA), indicating a downtrend.

Moreover, PEPE's price is displaying a downtrend after facing a rejection at the 50 EMA (yellow) on the lower time frame. However, the meme coin is still trading above the 100 EMA (gray), indicating some support from the bulls.

Interestingly, PEPE's price breakout from the descending triangle pattern and crucial support at the 200 EMA is occurring as the meme coin faces increasing large transactions by whales and investors.

According to on-chain analytics from IntoTheBlock, large transactions by whales and institutions have jumped by 36% in the last 24 hours.

This notable increase in large transactions highlights whale interest in the meme coin amid its recent price decline.

Combining these on-chain metrics, it appears that bulls are currently dominating and have begun participating ahead of the U.S. presidential election.