PEPE price was down on Wednesday, taking cues from the wider market momentum. The meme coin was at -0.8% and traded at $0.0000157 at the time of writing, with its weekly losses piling up to -9.5%. This week, PEPE rejected pressure at the $0.000015 support level and will need to stay above that level to retest weekly highs of $0.0000184.
PEPE has underperformed relative to its meme coin peers, which has created a negative sentiment. For instance, Shiba Inu (SHIB) is down by -2.9%, Dogecoin is up by 15.5% and BONK at 6.7% year-to-date, PEPE price is at -20% in the same time frame.
In addition, momentum indicators add to the downward view of PEPE price trajectory. The frog-themed meme coin trades below the 10, 50, and 100 Simple Moving Average (SMA) levels, with the 10-SMA recently crossing below the 50-SMA. Also, it is about 18% below the Volume Weighted Moving Average (VWMA) on the daily chart.
Furthermore, the Relative Strength Index (RSI) is at 40, adding credence to the likely continuation of the downward action. However, PEPE’s trading volume was down by 40% in the 24 hours preceding this writing, signaling the weakening of the downward momentum. A continuation of the same could help the coin recover some of the recent losses.
PEPE Price Prediction
PEPE price pivots at $0.0000160 and a continued resistance at that level will favour the sellers to be in control. That will likely establish the first support at $0.0000152. If the coin loses that support, the downward momentum could strengthen further and potentially test $0.0000146.
Alternatively, moving above $0.0000160 will put the buyers in control. In that case, the coin will likely move higher and encounter the first resistance at $0.0000169. Moving above that level will invalidate the downside narrative. Also, an extended control by the buyers could send PEPE higher to test $0.0000177.
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