PEPE holders might be considering cashing in on a potential bounce in prices in the near future, as the price prediction remains bearish with an expected retest of a key support zone. Despite bullish sentiment last week, the onset of selling pressure in the past 24 hours has raised concerns among PEPE bulls. This selling pressure coincided with a Bitcoin drop below $64.8k on June 21st, triggering a bearish outlook across the crypto space. Traders are anticipating a retest of a support zone as the bullish order block struggles to save PEPE amid the current market conditions.
The PEPE price prediction suggests another double-digit percentage price drop, potentially leading to a move towards the $0.0000093 support zone. The RSI on the daily chart has been below neutral 50 in June, indicating a bearish market structure shift when the meme coin fell below the $0.00001314 support level. Despite the OBV barely clinging to a local support level, low trading volume indicates the recent downtrend lacks substance. However, a market-wide shift in sentiment could prompt a quick recovery for PEPE, supported by the trading volume and in/out of the money chart.
Considering data from IntoTheBlock, 77.58% of PEPE holders are still in profit despite the recent downtrend, with a significant portion of tokens purchased in the $0.000002-$0.000003 zone where the token initially surged in late February. While a majority of tokens are currently in profit, a bounce in prices may lead to selling pressure from holders aiming to break even. Therefore, a short-term price dip is expected before a potential uptrend continuation following a retest of the $0.0000093 bullish order block. It’s essential to note that the information presented does not constitute financial advice and is solely the opinion of the writer.
In the long term, PEPE’s price trajectory will heavily depend on market sentiment, trading volume, and potential support levels. The bullish order block at $0.0000093 will serve as a crucial area to watch as it may determine the future direction of PEPE prices. Despite the current bearish outlook, a turnaround in market sentiment could lead to a swift recovery for PEPE, especially if the selling pressure fizzles out. Traders and investors should closely monitor key support and resistance levels to gauge the next potential price movements for PEPE in the coming days and weeks. It is crucial to remain vigilant and stay updated on market developments to make informed decisions regarding PEPE holdings.
Overall, PEPE holders are closely watching for any signs of a potential price bounce to capitalize on market opportunities. While the current price prediction remains bearish with expectations of a retest of a key support zone, a market-wide sentiment shift could lead to a quick recovery for PEPE. Despite the challenges faced by PEPE in the recent downtrend, the possibility of a turnaround remains feasible, especially if the bullish order block manages to support prices. Traders should exercise caution and conduct thorough research before making any decisions regarding PEPE investments, as market conditions can change rapidly.
