The sentiment across the market was not positive overall. Many altcoins are trading at important support zones, but a move higher was not guaranteed, and this was true for PEPE as well.
PEPE’s price action was also confined to a range formation over the past month. Traders must decide if the retest of the support levels highlighted was worth the risk. The on-chain metrics and price action suggested buyers were weak- will this force a breakout beneath the range? Here is a PEPE Price Prediction that explores the various scenarios that are likely to unfold in the coming months.The 1-day price chart showed that PEPE traded within a range that extended from $0.00000136 to $0.
PEPE can be bought at the $0.00000148 and $0.00000136 support levels targeting the range high at $0.00000185. However, traders must be prepared for a slump beneath the range lows as well.The exchange inflow and outflow saw some incongruence on 14 July, with more outflows than inflows. In the days since then, exchange flow did not favor either side strongly. The 30-day MVRV ratio has been in a downtrend in July. Its negative values at press time showed an undervalued asset.
PEPE prices were in a downtrend on the lower timeframes, but will this result in a breakout beneath the range?The price action has had a bearish bias since 17 July on the H4 chart. The momentum and selling pressure have also been on the bearish side over the past week. PEPE made a series of lower highs after falling below the mid-range support at $0.0000016. At the time of writing, it was on the verge of losing the $0.00000148 support as well, and trading volume was low over the past week.
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