Pepe Coin (PEPE) Drops Below Critical Support Level – Will the Dip Continue?

Pepe Coin has recently fallen below a critical support level, raising concerns about further price declines. After pushing above $0.000011 on October 4, PEPE has relapsed to the $0.000008 threshold.

This downslide followed the slight BTC price drop as sellers continued to mint profits. Pepe Coin (PEPE) is hovering at $0.00000827, down 7% in the past week, with a 1.32% decline over the past day. Meanwhile, its 24-hour trading volume is around $607.28 million, up 38.71%.

Despite the gloomy outlook, some believe this dip could present a huge opportunity for long-term holders as the U.S. election nears. So, can PEPE recover, or will the dip continue? This price prediction explores PEPE's potential next moves and what to watch for in the market.

PEPE Broke October Support - Any Potential Rebounding?

Pepe Coin's price has dropped below its crucial support level of $0.00000853, held throughout October. This breach of support indicates that sellers are in control of the market.

The Relative Strength Index (RSI) is currently at 40, suggesting that buying momentum is weak. This means there could be more room for the price to fall unless buying pressure increases.

The MACD is below the signal line with red histogram bars, indicating bearish market conditions. This suggests that the price will likely continue declining unless buyers step in.

Pepe Coin is trading below the 20-day Simple Moving Average (SMA) of the Bollinger Bands, showing intense selling pressure. Any attempts at recovery may face resistance unless there is a strong buying effort.

Another important indicator is the Chaikin Money Flow (CMF), currently at -0.003. Traders usually take this as a sign to either hold off on buying or to consider selling if they haven't already, as it suggests weak buying pressure.

Can PEPE Break the Trendline?

Pepe Coin is also trading below a significant trendline, another bearish signal. However, if the price breaks above this trendline, the market sentiment could shift from bearish to bullish.

This break could spark buying interest, and if sustained, Pepe Coin might climb back to $0.0001 or higher.

The indicators all point to a bearish market for Pepe Coin. So, traders should remain cautious and look for clear signs of a breakout before considering buying, as the market still leans bearish.

Pepe Coin Bearish Amid Drop in Active Addresses

Pepe shows clear signs of a bearish trend, with recent data suggesting low market interest.

Since late October, Pepe Coin has experienced a sharp decline in active addresses. This drop suggests fewer people are trading or using Pepe Coin, highlighting weak demand.

Active Address Data - Source: Santiment

Fewer active addresses indicate reduced participation from traders and investors. The drop-in activity supports the bearish outlook, as reduced interest often leads to further price declines.

Pepe Coin's long/short ratio adds another layer to the bearish sentiment. Around 58% of positions are net short on the token. This means more traders are betting on the price falling rather than rising.

Source: Coinglass

When more traders take short positions, it usually indicates that they expect the price to continue dropping.

Bearish Sentiment Linked to U.S. Election Uncertainty

The uncertainty around the upcoming U.S. elections contributes to the bearish outlook. Market conditions are often volatile during elections, with investors taking a cautious stance.

The current bearish pressure on Pepe Coin could persist until after the election results are precise. Until the market stabilizes, short-sellers may look to maximize their gains as Pepe Coin continues to face downward pressure.

Reduced activity, a bearish long/short ratio, and election uncertainty all point to a challenging period for Pepe Coin.

FreeDum Fighters ($DUM): A New Crypto Alternative to Pepe Coin

While Pepe Coin faces a bearish trend, another crypto project, FreeDum Fighters ($DUM), is gaining attention. FreeDum Fighters recently launched its presale, offering a mix of political satire and high-yield staking.

As Pepe Coin struggles, $DUM presents an exciting opportunity for those looking to capitalize on the ongoing election buzz. So, what makes FreeDum Fighters stand out?

A Blend of Election Satire and High-Yield Staking

FreeDum Fighters brings a unique concept by combining the excitement of the 2024 U.S. elections with a robot showdown. Token holders can stake their $DUM tokens and support MAGATRON or Kamacop 9000, two robot candidates.

According to its site, those who stake on MAGATRON can earn impressive annual percentage yields (APYs) of up to 284%. Over 6.4 billion $DUM tokens are already locked, showing growing interest.

This mix of humor and staking rewards sets FreeDum Fighters apart from traditional meme coins.

Momentum Building in the $DUM Token Presale

FreeDum Fighters' presale is off to a strong start, raising over $418,110 in its early stages. With $DUM tokens priced at $0.000065, early investors jump in before the price increases.

YouTube analysts predict that $DUM could see a 10x return once it hits exchanges. This potential gain has caught the attention of crypto influencers, adding to the buzz around the project.

FreeDum Fighters ($DUM) could offer an attractive opportunity for those looking for a new investment option.

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