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PEPE Bounced 40% Off the Weekend Lows, But Is Another Crash Incoiming? (PEPE Price Analysis)

PEPE managed to find support and buyers were quick to jump in over the weekend.

Key Support levels: $0.0000011

Key Resistance levels: $0.0000020

This meme coin managed to rally and double in price between Friday and Saturday, but it was not enough to break the key resistance at $0.0000020. Sellers came in strong and stopped the rally. In the process, the price made a lower high which is a bearish signal. The current support is at $0.0000011.

PEPEWETH_A43FE1_ETHUSDT_2023-05-16_18-39-14
Chart by TradingView

Trading Volume: The volume increased over the weekend, but this quickly faded as of Tuesday. Buyers could not sustain the rally.

RSI: The 12h RSI made a lower high and is again under 50 points. This is bearish.

MACD: The 12h MACD is bearish, but the histogram is making higher lows. This shows that sellers have lost some momentum.

PEPEWETH_A43FE1_ETHUSDT_2023-05-16_18-39-48
Chart by TradingView

Bias

The bias for PEPE is bearish so long it cannot break the key resistance.

Short-Term Prediction for PEPE Price

With buyers absent, it appears PEPE is unable to break higher at this time and has been ranging under the key resistance at $0.0000020. This can continue for the remainder of the week.

The post PEPE Bounced 40% Off the Weekend Lows, But Is Another Crash Incoiming? (PEPE Price Analysis) appeared first on CryptoPotato.

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