PEPE Price Alert: Could the Death Cross Push It Toward $0.0000060?

• PEPE is trading at $0.0000067.
• Trading volume is down over 14%.

After a series of declines, the crypto market is attempting to bounce back, but is facing rejection with mixed signals lingering in the market. Meanwhile, the meme coin’s market cap is currently holding at around $60.9 billion, after a 1.6% loss. Among them, PEPE, the frog-themed meme token, has registered a modest drop of over 2.34%

In the early hours, the meme coin was trading at $0.000006969, and with the bearish turnover, the price has been sent to a bottom range of $0.000006523. Upon the asset’s bearish pressure gaining more traction, it would push the price down to its former support zones

At the time of writing, PEPE traded within the $0.000006765 zone, as per CoinMarketCap. With the market cap staying at $2.84 billion, the meme coin’s daily trading volume has plunged by over 14.24%, reaching the $472.42 million mark

The Ali chart shows PEPE forming a classic Head and Shoulders pattern, a bearish reversal signal. The price recently broke below the neckline, and if the breakdown continues, it could drop to the $0.00000185 range, following the projected downside from the pattern.

Will PEPE Continue Its Downward Slide?

While zooming in on PEPE’s technical chart, it reveals a negative sentiment. The Moving Average Convergence Divergence (MACD) line is settled below the signal line, indicating bearish momentum. As both lines are below the zero line, it confirms that the overall trend is weak.

*PEPE chart (Source: TradingView)*Besides, the meme coin’s Chaikin Money Flow (CMF) indicator, found at 0.05, suggests a slight positive buying pressure in the market. There is a mild accumulation happening, with the money flowing into the asset, but not strong enough to form a solid uptrend.

PEPE’s downside correction might trigger the price to test the support at the $0.000006755 range. With the emergence of the death cross could happen, a subsequent crucial support can be below $0.000006745. If the bullish wave takes over the control of PEPE, the price may climb toward the $0.000006775 level. The golden cross formation with more bullish pressure could lead the meme coin price above $0.000006785

*PEPE chart (Source: TradingView)*Moreover, the market sentiment of PEPE is a neutral-to-weak zone, leaning slightly toward the bearish side, as the daily Relative Strength Index (RSI) rests at 42.69. The meme coin’s Bull Bear Power (BBP) value of -0.00000020 implies bearish momentum. Notably, the sellers have a slight edge, but the difference between buying and selling pressure is minimal; the market is holding the bearish bias.

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