The Pepe price plunged over 6% in the last 24 hours to trade at $0.000009289 as of 10:41 p.m. EST as investors decrease their exposure to the meme coin.
With the recent drop, the PEPE price is now down more than 40% on the weekly time frame as well.
Pepe Price In A Consolidation Phase
4-hour chart for PEPE/USD (Source: GeckoTerminal)
The Pepe price has been in a consolidation phase between $0.000008683 and $0.000010382 over the past few days, data from GeckoTerminal shows. This period of sideways trading might be the build up to a big move for the frog-themed meme coin.
In recent hours, the Pepe price has started to drop towards the lower boundary of the consolidation channel at $0.000008683. Should it fall below this point within the next 24-48 hours, the crypto might be at risk of plunging to as low as $0.000007292 in the short term.
On the other hand, traders identifying PEPE’s current levels as a buy opportunity could lead to a more bullish scenario playing out. The Pepe price might try to flip the $0.000010382 barrier into support if buyers take control. A 4-hour candle close above this resistance could then give the meme coin the foundation needed to rise to the subsequent resistance at $0.000012133.
Bulls Might Take Full Control Of the Pepe Price Soon
From a technical standpoint, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators on the 4-hour chart are starting to show early bullish signs.
In recent hours, RSI readings have started to climb, which could be interpreted as a sign of growing buyer strength. However, it’s important to note that this rise in the RSI comes after a steep plunge in the last 48 hours.
Nevertheless, the positive slope of the RSI line is a potentially bullish indication that shows buyers are trying to fight back. Traders might want to wait for the RSI to cross the neutral 50 mark before entering into a long position, as a break above this point could suggest that bulls have taken over control of the Pepe price and might try to push it up in the short term.
Meanwhile, the MACD line rising towards the MACD Signal line on the 4-hour chart suggests that momentum might slowly be shifting in favor of buyers. While the current alignment of the two technical indicators, with the MACD line positioned below the MACD Signal line, is bearish, the narrowing gap could lead to a bullish crossover soon.
