The price of the frog-themed meme coin Pepe (PEPE) has been stuck in a range since August 5. This extended period of sideways movement suggests that the token is undergoing a consolidation phase characterized by indecision among investors.
Its technical setup confirms the relative balance between buying and selling pressures in the market.
Pepe’s Buyers and Sellers Watch from the Sidelines
BeInCrypto’s analysis of PEPE’s price on the one-day chart shows that the meme coin has been trading within a horizontal channel since August 5. The price has consistently faced resistance at $0.000008 and found support at $0.000007. This period of sideways trading reflects a drop in market volatility.
This is further confirmed by the contraction of PEPE’s Bollinger Bands (BB), an indicator that measures market volatility. As the gap between the upper and lower bands narrows, it signals decreased price fluctuations, indicating that PEPE’s market volatility has lessened during this time.
Read more: How To Buy Pepe (PEPE) and Everything You Need To Know
Additionally, PEPE’s Moving Average Convergence Divergence (MACD) has shown frequent crossovers between the MACD line (blue) and the signal line (orange) since the beginning of the month. These repeated crossovers highlight the coin’s consolidation phase, where neither bulls nor bears have gained clear control over the market.
PEPE Price Prediction: A Rally Toward $0.000010 or a Drop to $0.0000058
A sudden influx of buying interest could drive PEPE’s price above the upper line of its horizontal channel at $0.000008. If this demand is maintained, the meme coin may seek to break above the critical resistance level formed at $0.000010.
If the retest succeeds, PEPE’s price will chart its course toward $0.000011.
Read More: 5 Best Pepe (PEPE) Wallets for Beginners and Experienced Users
However, if selling pressure gains momentum and PEPE’s price breaks below the lower line of its horizontal channel, its value may drop by 18% to exchange hands at $0.0000058.
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Disclaimer
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