6th September Pepe Coin Price Analysis
In the last 24 hours, Pepe Coin (PEPE) experienced a further decline as Bitcoin’s price once again dropped below the $56,000 mark. This downturn comes ahead of the highly anticipated U.S. Non-Farm Payrolls (NFP) report, set to be released on Friday, September 6, at 8:30 ET. With PEPE currently hovering around a key historical support level, there are concerns that a disappointing jobs report could trigger a 26% price drop.
NFP Report’s Potential Impact on Pepe Coin
The U.S. Non-Farm Payrolls report offers valuable insights into the country’s economic health, particularly in terms of job market performance. Economists and market analysts expect the report to show an increase of 130,000 to 200,000 new jobs, with a median forecast of approximately 164,000 for August. In contrast, July’s figure came in at just 114,000, a significant drop from the 206,000 jobs added in June.
If the NFP report falls short of the anticipated 164,000 or if the unemployment rate remains elevated, it could prompt the Federal Reserve to focus on job creation and possibly implement a 50 basis point rate cut. Such a move could be bearish for the broader market, potentially suppressing economic growth and leading to higher unemployment.
Bitcoin prices have historically reacted to NFP data, and tomorrow’s report could dictate whether Bitcoin rallies or faces further declines. Should Bitcoin’s price tumble, PEPE may break below a critical support level, opening the door to a 26% plunge.
Growing Risk of a Death Cross for PEPE
Pepe Coin price has been on a downward trend, weighed down by mounting sell pressure across the crypto market. PEPE has declined by 3.2% over the last 24 hours, bringing its price to $0.00000709—coinciding with the lower bound of the range it has been stuck in for the past 33 days.
A break below this crucial support could result in a 26% drop to $0.00000520, a new yearly low following the August 5 market crash. Moreover, the 50-day Exponential Moving Average (EMA) is approaching the 200-day EMA from above, signaling the possible formation of a Death Cross—a strong bearish indicator that could suggest prolonged downward momentum for PEPE.
However, if tomorrow’s NFP report meets expectations, Bitcoin could experience a rally, potentially lifting the entire crypto market. In this case, Pepe Coin might avoid a further breakdown and instead rise by as much as 27% to $0.00000900. Such a surge would see PEPE break above both EMAs, shifting its outlook from bearish to bullish.
Ultimately, Pepe Coin price trajectory remains closely linked to Ethereum and, by extension, Bitcoin. Tomorrow’s NFP report will likely play a key role in determining the direction of both Pepe Coin and the broader cryptocurrency market.
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