PEPE Price Prediction: Upside Momentum Weakens Below Key Barrier

Summary:
• PEPE price rose by 23 percent last week, and needs to clear a key resistance level to potentially build the momentum to retest ATH.

Pepe price declined on Monday, going down by 2.9 percent in the intraday to trade at 0.0000121. The coin continues to blow hot and cold, despite registering an impressive run last week.  PEPE rose by 23 percent in the last seven days, but finds itself trapped in a familiar territory, just below the $0.0000140 mark.

The barrier has proven to be hard nut to crack, with the price staying below that level for the last six weeks. Notably, the previous movement beyond that point cleared the path to the meme coin’s all-time-high of $0.0000171. The price is currently 30 percent below its ATH. That is slightly more than its gains in the last week, making this week a potential inflection point for PEPE.

Technical indicators

The meme coin experienced a scintillating run between mid-April and late May, but erased most of those gains between June and mid-July. The RSI indicator shows that current momentum on the daily price chart has declined from 60 to 56 in the last 24 hours, signaling that the sellers are recovering some control from the buyers. However, the price is still above the signal line on the Bollinger Bands indicator, raising the prospect of a range-bound trading.  

Meanwhile, the 9-EMA is currently above the 21-EMA, supporting continuation of the upside. Furthermore, the decline in the upside momentum on the daily chart is accompanied by a decline in the corresponding trading volume. As per the volume indicator, the traded volume declined from 4.60 trillion to 1.68 trillion in the last 24 hours. This signals that the downside momentum is relatively weak, and could provide support for near-term recovery.

Key support and resistance levels

On the 30-minute chart, the momentum on PEPE price calls for further downside if resistance persists at 0.0000123. That could set the stage for establishing the first support at 0.0000119, below which extended control by the sellers could send the support lower to 0.0000117. On the other hand, a move above 0.0000120 will favour the buyers to take control. In that case, the upside could encounter the first resistance at 0.0000122. A breach of that mark will strengthen the upside momentum, invalidating the downside narrative and potentially sending PEPE price further up to test 0.0000123.