PEPE Meme Coin Risks Major Decline if Price Closes Below Key Support This Week: Here’s the Outlook
The latest newsletter from Rekt Capital addressed the price activities of PEPE and what could happen to the price next based on some key support and resistance levels.
PEPE retested the red-boxed area at around $0.00000882 as support, which allowed its price to move up to the green downtrend line where it encountered resistance.
Over the past three weeks, the red support area has now turned into resistance, and it looks like the price might be coming down.
To reduce the risk of a +20% decline to the green circle at around $0.00000540, PEPE must close above the red box this week.
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Risk of Further Price Fall as Support May Get Weakened
However, a price fall to the black line around the green circle may cause PEPE to dip further. Although the price bounced strongly from there in May and June, sometimes supports get weakened, which may cause them to break.
Rekt Capital said a bounce will likely occur, but one cannot be sure of its magnitude. However, in the short term, we need to see a close above the red box.
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