Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• PEPE faced price rejection at a range-high.
• Sellers gained a market edge; funding rates remained positive.

Pepe [PEPE] has been on a steady decline in Q3 2024, chalking a descending channel. The recent recovery attempt faced a price rejection at the range-high of $0.00000085, which could further derail bullish efforts. 

Read Pepe [PEPE] Price Prediction 2023-24

PEPE hasn’t been on the declining spree alone. Other memecoins posted significant losses in Q3 as well.

Will the mid-range stop further drop?

The recovery attempt in the second half of September was interrupted at the range-high. A Fibonacci retracement tool was placed between the August high and the recent low. Based on the Fib tool, the 23% Fib level ($0.00000081) aligned with the range-high. 

In addition, the level was close to June lows. As such, the area could be a bearish zone, and PEPE could re-target it if the drop eases at the confluence of the 0 Fib level and the mid-range near $0.00000060. 

An extended plunge could tip bulls to re-group at $0.00000040, especially if BTC reverses most of the recent gains. 

Meanwhile, the buying pressure peaked and eased after hitting the range high, as demonstrated by the RSI. Similarly, PEPE registered significant capital inflows, as shown by the positive CMF. 

Sellers consolidated the market< Go to Source to See Full Article
Author: Benjamin Njiri

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