PEPE Drops 20% From Record High, Signaling End of Rally 📉
Pepe (PEPE) meme coin has seen a 20% decline from its record high of $0.000025, as traders engage in profit-taking. The coin is now trading at $0.000020, with technical indicators suggesting further possible declines.
The Chaikin Money Flow (CMF) indicator on the PEPE/USD one-day chart is poised to drop below the zero line, signaling a shift towards more distribution than accumulation. This suggests a weakening bullish momentum, indicating potential for further price decline.
The Moving Average Convergence Divergence (MACD) indicator also points to bearish bias, with the MACD line lying below the signal line. This indicates downward momentum, making selling more attractive to traders.
Currently, PEPE hovers just above its critical support level of $0.000018. Further selling pressure could push it down to $0.000015, while new buying demand might help it rebound to $0.000021, potentially reclaiming its all-time high of $0.000025.
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