Top Analyst Issues Warning About Possible Price Drop for PEPE, Advises Against Betting on It
Article Rewritten:
Headline: Meme Coins Experience Surge Following Roaring Kitty’s Post
Summary: Meme coins such as Dogecoin and Shiba Inu saw significant gains after investor Roaring Kitty shared a post. However, crypto analyst Ali Martinez has identified bearish signals for PEPE coin, suggesting a possible price drop. Despite efforts from buyers, PEPE coin is currently trading below its recent high and faces potential decline.
The meme market was filled with excitement as Keith Gill, also known as Roaring Kitty, made a comeback, reminiscent of his influential role in the GameStop short squeeze of January 2021. Gill’s latest enigmatic post featured a meme of a focused gamer, sparking speculation about a potential surge in the meme coin arena.
According to data from CryptoSlate’s list of top gainers, relatively obscure meme coins like MOG Coin, Popcat, and Book of Meme experienced notable upswings following Gill’s post. Established meme coins like Dogecoin, Shiba Inu, and Floki also saw substantial upticks during this period.
Crypto analyst Ali Martinez warns that not all altcoins will benefit equally from the market frenzy. Martinez specifically highlights PEPE as a cryptocurrency that may be poised for a price retracement. The TD Sequential indicator shows two sell signals on the 3-day chart for PEPE, an aggressive 13 and a green nine, indicating a potential reversal in price momentum.
Currently under bearish pressure, Pepe is displaying signs of a sell-off around its recent high of $0.0000116. The coin’s attempt to breach below the EMA20 trend line suggests a possible shift in the prevailing trend. A decisive dip below the critical support range of $0.00001 to $0.000008 could confirm a bearish pattern, potentially pushing the pair toward a strong support level at $0.0000055.
Delving deeper into the performance of the $PEPE token on a 3-day chart, Martinez identifies significant indicators pointing to a potential downturn. The TD Sequential indicator recently flashed two notable sell signals: an aggressive 13 and a green nine candle, suggesting a probable reversal in price momentum. Additionally, Martinez highlights a bearish divergence between $PEPE’s price action and the Relative Strength Index (RSI), with the RSI’s sharp decline toward the midline indicating prevailing bearish sentiment.
Despite these bearish signals, buyers are making efforts to maintain Pepe’s price above the 20-day Exponential Moving Average (EMA) at $0.00001. Successfully defending this level could lead to a rise toward the recent high of $0.0000116. Currently, Pepe Coin is trading at $0.0000102, reflecting a decline of over 4.9% in the last 24 hours.
Are you optimistic about PEPE’s future prospects?