Pepe

PEPE

<p>Pepe (PEPE), the popular and the third-largest meme coin is poised for a notable price decline as it has broken out from a crucial support level. Today, on November 5, 2024, the sentiment across the cryptocurrency landscape is quite bearish, which has shifted the PEPE into a downtrend.</p>   
<h2 class="wp-block-heading" id="strong-current-price-momentum-strong"><strong>Current Price Momentum&nbsp;</strong></h2>   
<p>Following the breakdown, PEPE has recorded a price decline of 2.75% over the last 24 hours and is currently trading near $0.00000797. During the same period, the meme coin’s trading volume declined by 4.9%, indicating lower participation from traders and investors amid the market downturn.</p>   
<h2 class="wp-block-heading" id="strong-pepe-technical-analysis-and-key-levels-strong"><strong>PEPE Technical Analysis and Key Levels</strong></h2>   
<p>According to the expert technical analysis, PEPE appears bearish as it has broken out from a crucial support level of a descending triangle price action pattern on a daily time frame. Following the breakdown the chance of further price decline has increased.&nbsp;</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/11/05025619/PEPEUSDT_2024-11-05_02-56-05.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/05025619/PEPEUSDT_2024-11-05_02-56-05-1024x448.png" alt="" class="wp-image-375851"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>   
<p>Based on the recent price action and historical price momentum, if PEPE closes a daily candle below the $0.00000795 level, there is a strong possibility the asset could decline by 18% to reach the $0.0000065 level in the coming days.</p>   
<p>Additionally, PEPE has breached its crucial support at the 200 Exponential Moving Average (EMA) on the daily time frame, further indicating a downtrend.</p>   
<h2 class="wp-block-heading" id="strong-bullish-on-chain-metrics-strong"><strong>Bullish On-Chain Metrics&nbsp;</strong></h2>   
<p>Despite PEPE’s bearish outlook, whales and investors appear to be significantly engaged with the meme coin. According to the on-chain analytics firm <a href="https://app.intotheblock.com/coin/PEPE" target="_blank" rel="noreferrer noopener nofollow">IntoTheBlock</a>, large transactions by whales and institutions have jumped by 36%, over the last 24 hours.&nbsp;</p>   
<p>This notable increase in the large transactions highlights whale interest in the meme coin amid its recent price decline.</p>   
<p>Considering these on-chain metrics, it appears that bulls are currently dominating and have started increasing their participation ahead of the <a href="https://coinpedia.org/news/24-hours-till-us-presidential-elections-altcoins-drop-faster-than-bitcoin-trump-to-the-rescue/">U.S. presidential election</a>.</p>   
<p>While combining these on-chain metrics, it appears that bulls currently dominating and have begun participating ahead of the U.S. Presidential election.&nbsp;</p>

PEPE Aims for 18% Price Decline Amid Bearish Price Action

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