CandleFocus PEPE Fails to Surpass $240 Million Resistance: What It Means for Price
2024-10-23
Author: Content Editor
The price of Pepe coin (PEPE) has declined by 6.50% in the last week, possibly due to a supply wall overpowering support. This has led to the coin trading at $0.0000098 and could signal an extended downturn for the meme coin. Data from the In/Out of Money Around Price (IOMAP) suggests that many Pepe addresses are holding the token at a loss, creating resistance at the current price level. Additionally, a decrease in network growth indicates less demand for PEPE, which could make it difficult for the price to increase. The Moving Average Convergence Divergence (MACD) indicator is in the negative region, suggesting bearish momentum and the potential for a further decrease in PEPE's price. However, if buying pressure increases, the price could bounce back.
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