PEPE's price saw a 956% increase over the past year but is now facing bearish pressures. Despite hitting an all-time high in May, the meme coin is experiencing a decline.
Currently trading near $0.0000073, PEPE's bullish momentum is under threat as sellers begin to dominate the market.
Technical analysis shows PEPE trading near its 20 and 50-day EMAs, typically a bullish signal when crossed. However, both EMAs are now converging, signifying a crucial period that could lead to either a rally or further decline.
On-chain data indicates a rising number of bears compared to bulls, suggesting imminent price decline. The Bulls and Bears indicator confirms more selling activity.
The IOMAP metric also highlights potential resistance at $0.0000080, with significant losses for holders who bought at higher prices. Conversely, there is some support at $0.0000070 from profitable holders.
PEPE's price could fall to $0.0000070 or even $0.0000060 if bearish trends continue, although increased buying activity could trigger a rally to $0.000010.
