PEPE/USD is Down 8% on the Day but Traders Remain Convinced the Meme Coin Looks Fundamentally Solid and Primed for More Upside

Crypto trader Davie Satoshi shared his analysis of PEPE's market performance, saying that a technical indicator shows bearish momentum.

Cryptocurrency PEPE (PEPE/USD) is showing signs of bearish momentum, according to an analysis shared by crypto trader Davie Satoshi.

The analysis shows a Stoch RSI downward crossover on the 3 day chart, indicating bearish momentum. This technical indicator explains the recent dip, as traders might have expected a consolidation phase after the rapid price increase.

The trader sees two strong support lines that are expected to hold, constituting healthy consolidation before further upside. Satoshi marked three key resistances on the chart.

Here's the $PEPE update

We see momentum turning bearish on the short term with a Stoch RSI downward crossover on the 3 day chart. The red candle back down was expected as $PEPE resets its indicators. There are two strong support line that are expected to hold. I suspect some… pic.twitter.com/5mQrzzB7ZY

Another crypto trader believes the meme coin is undergoing a bullish retest and sees this as a dip before further upside.

Meanwhile, another analysis shows that the influence of meme coins will be extensively covered at Benzinga’s upcoming Future of Digital Assets event on November 19.