Bears Won't Let $PEPE Catch a Break ๐ป๐ธ
After dropping over 12% last week, Pepeโs price saw another decline on Monday ๐.
According to $PEPEโs long-to-short ratio, most traders are betting that this frog-themed meme coin will continue to fall ๐. Technical indicators are also signaling further downside as momentum indicators weaken โ ๏ธ.
Currently trading around $0.000012 after a 12% decline last week, PEPE dropped nearly 10% on Monday. The long-to-short ratio is below 1, indicating that the majority of traders are expecting further downside ๐. Momentum indicators suggest the price could drop another 20% โฌ๏ธ.
Pepe Bears Expect a 20% Drop ๐จ
On January 18, Pepeโs price rejected a declining trendline (connecting December highs) and fell by almost 30% by Sunday. It closed below its 200-day Exponential Moving Average (EMA) at $0.000014 and has since dropped to around $0.000012 as of Monday.
If PEPE continues its correction and closes daily below $0.000013, it could decline by about 20% more, testing its November 8 low of $0.000010 ๐ป.
Technical Indicators at a Glance:
RSI (Relative Strength Index):
The daily RSI stands at 31 and is trending downward, signaling strong negative momentum. Itโs not yet in the oversold zone, so further decline is possible โก.
MACD (Moving Average Convergence Divergence):
The MACD shows a bearish crossover, indicating a sell signal ๐.
Traders should remain cautious as $PEPEโs price could continue to slide further.
