Pepe (PEPEUSD) Price Forecast: August 9
The PEPEUSD has been in a down trend for a while and is on the verge of retracement at the moment. Pepe (PEPEUSD) may hold $0.000001103 price level for an upsurge soon. Should bulls trigger up their action, the recovery sentiment could turn positive and breakup the previous supply at $0.000001779 barrier which may swing up the crypto price to the $0.000002000 upper resistance level and beyond.
Key Levels:
Resistance Levels: $0.000001400 $0.000001500, $0.000001600
Support Levels: $0.000001100, $0.000001000, $0.000000900
PEPE (USD) Long-term Trend: Bearish (4H Chart)
The market value of PEPEUSD can be seen in a bearish scenario in its long-term outlook. This is due to the high interference of sell traders.
The sustained pressure from the bears to a $0.000001129 low level in the previous hours has contributed to its bearishness in recent times.
In the last few hours, the Pepe price has tumbled and reached the current trading value of $0.000001103 beneath the moving averages resulting in the drop in price of the coin.
However, with sustained buying, the price of PEPEUSD could turn upside to test the supply strength of the recently breached $0.00000952 and set the potential for further growth.
Notably, there is a possibility of a price retracement at the $0.000001103 support level as the market price of PEPEUSD has reached the oversold region of the daily stochastic. This implies that the selling pressure will end soon.
The buying crew can now aim at the psychological level of $0.000002000 supply value in the days to come in the higher time frame.
PEPE (USD) Medium-term Trend: Bearish (1H Chart)
As an outcome of low bullish momentum, PEPEUSD pair is in a bearish trend on the 4-hourly chart. Prices can be seen trading below the moving average lines confirming a downtrend. 
The price drop to a $0.000001145 low value during the previous action has made the coin price trade below the supply levels in recent times; however, this will soon be invalidated as the coin market now trades in the oversold region.
Today, the bulls are trying hard to remain above the $0.000001190 supply mark, so there is possibility for the coin price to pullback at the current support of $0.000001110 to invalidate the bearish theory.
Thus, the anticipated bullish reversal could kick start a new recovery cycle and may push the price above a $0.000001311 price level.
Meanwhile, there is a possibility of price reversal at the mentioned support level as the market is now pointing downwards below the 10% range of the daily stochastic. This means that the selling momentum will end soon.
Should the $0.000001110 low price level hold, the next bullish correction phase could reach a high at $0.000002000 upper supply mark in the days ahead as we watch the Pepe market turns bullish sooner in its medium-term outlook.
Buy Pepe on eToro
Leave a Reply