In July 2023, PEPE shows signs of activity but remains within a broad downward trend. Let's explore PEPE's performance in June, chart analysis, and forecasts for the upcoming month.
How Did PEPE Perform in June
PEPE started June around $0.00001100 but gradually trended downwards throughout the month. By mid-June, it had fallen below $0.00000900, indicating sellers were in control. Despite Bitcoin's rally at the month's end, PEPE did not catch this wave and remained between $0.00000820 and $0.00000980. A brief spike to $0.00001020 late in June was quickly rejected.
PEPE Chart Analysis
On the 4-hour chart, PEPE remains below the 200-period SMA, currently around $0.00001108. This moving average has served as a strong resistance level for weeks. The new rally attempt reached $0.00001020, only to be met with resistance. The price has since pulled back slightly to around $0.00001001.
PEPE Price Forecast for July
Two main scenarios exist for PEPE's movement in July. In the bearish scenario, if bulls cannot hold $0.00000950, a retest of $0.00000880 or even $0.00000820 looks likely. In the bullish scenario, should PEPE push past $0.00001040 and regain the 200 SMA, it could pave the way toward $0.00001150 and $0.00001200.
PEPE remains under key resistance and lacks strength on higher time frames. Without a positive market shift or increased trading volume, the token may continue to range or trend lower in July.
