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Current PEPE Price Situation
The PEPE cryptocurrency price finds itself at a precarious point after failing to sustain its upward trajectory. This failure has shifted the momentum back towards a bearish trend, posing significant risks if bullish forces do not intervene. Should bears maintain their dominance, PEPE’s price could continue its downward spiral. Notably, crypto analyst Alan Santana has suggested that this bearish development could potentially push PEPE back to levels not experienced since the early days of 2024.
PEPE Facing Potential Decline
Alan Santana, a well-regarded crypto analyst, utilized the TradingView platform to caution investors about a potential downturn for PEPE’s price. This warning stems from the meme coin’s recent inability to hold onto its gains from earlier in the week, leading to the emergence of bearish indicators.
Key Indicators of a Bearish Trend
One of the primary bearish signals identified by Santana is the increasing bearish volume visible on PEPE’s chart, coupled with a drop below the MA200. This development aligns with the meme coin’s recent correction, driving its price below the $0.000009 mark.
Santana elaborates that the price drop so far aligns with the 0.618 Fibonacci retracement level. Although the 0.786 Fibonacci retracement level remains, it is not without its risks. There is a possibility that PEPE’s price might dip to this level. Nevertheless, Santana believes that this will not significantly disrupt its long-term bullish structure.
However, if the 0.786 level breaks, it could spell trouble for the meme coin. In Santana’s words, such an event would be “crazy” and could trigger a substantial crash, pushing PEPE towards new monthly lows. This scenario is further compounded by the likelihood of a continued bearish trend.
Predicted Targets in Case of a Crash
Should PEPE’s price test the 0.786 Fibonacci retracement level and fall below it, Santana foresees a significant crash on the horizon. He has outlined two potential support levels, contingent on the resilience of the bulls.
Potential Support Levels
The first support level is anticipated around $0.00007, representing over a 25% drop from its current standing. If this level fails to hold, Santana predicts that PEPE’s price could tumble towards the next support level, just above $0.000004.
In the latter scenario, PEPE’s price might face an over 50% decline from its present level. However, if the price stabilizes, it could potentially rise above the $0.00001 threshold once more.
In conclusion, the PEPE cryptocurrency is at a critical juncture. While the potential for a significant downturn exists, strategic support levels could offer some relief. Investors should remain vigilant and consider these key levels and indicators when evaluating their positions in PEPE.
