The price of Pepe (PEPE), a frog-themed meme coin, has been stuck in the space between support and resistance lines since August 5. This prolonged sideways movement suggests that the coin is going through a correction phase, indicating a lack of decision among investors.
Technical settings identify the relative balance between buying and selling pressure in the market.
A time of waiting for both buyers and sellers
According to BeInCrypto’s PEPE price analysis, the meme coin has been trading within a horizontal channel since August 5. The price has consistently found resistance at $0.000008 and support at $0.000007. This period of sideways movement reflects a decrease in market volatility.
This is further confirmed by the contraction of the Bollinger Bands (BB) of PEPE. This indicator measures market volatility, and as the gap between the upper and lower bands narrows, it indicates a decrease in price volatility. This indicates that the market volatility of PEPE has decreased during this period.
Read more: How to buy Pepe (PEPE) and all the information you need
Additionally, the Moving Average Convergence Divergence (MACD) of PEPE has shown frequent crossovers between the MACD line (blue) and the signal line (orange) since the beginning of the month. These repeated crossovers highlight a correctional phase in the market where bulls and bears have not gained clear control.
Will it break the 0.000010 dollar mark or fall below 0.0000058 dollars?
Sudden buying interest could push PEPE’s price above the upper line of the horizontal channel at $0.000008. If this demand holds, the meme coin could attempt to break the critical resistance level of $0.000010.
If the retest is successful, the price of PEPE will head towards $0.000011.
Read more: 5 Best Pepe (PEPE) Wallets for Beginners and Experienced Users
However, if selling pressure increases and the price of PEPE falls below the lower line of the horizontal channel , its value may fall by 18% to trade at $0.0000058.
