Pepe Coin (PEPE) is currently facing a precarious situation as the highly anticipated Non-Farm Payrolls (NFP) report looms on Friday, September 6th. The meme coin’s price is teetering on a critical support level, with the potential for a significant sell-off if the NFP data disappoints.
The NFP report, which provides insights into the U.S. job market, is expected to show a net increase of around 164,000 jobs in August. If the actual figure falls short of expectations or the unemployment rate remains elevated, the Federal Reserve may opt for a 50 basis point rate cut, which could be bearish for the market.
Bitcoin’s reaction to the NFP report will likely influence the price of Pepe Coin. A decline in Bitcoin could push PEPE below its key support level, leading to a 26% drop. Conversely, a positive NFP report could fuel a rally in Bitcoin, potentially boosting Pepe Coin by 27%.
Adding to the pressure on Pepe Coin is the looming death cross, a technical indicator that signals a potential long-term downtrend. If the 50-day Exponential Moving Average (EMA) crosses below the 200-day EMA, it could further exacerbate the downward pressure on the meme coin’s price.
Also Read: PEPE Price Surge – 6% Jump In 24 Hours Amid 24% Drawdown—Can It Break Through Key Resistance?
Ultimately, the fate of Pepe Coin hinges on the NFP report and its impact on Bitcoin. A strong performance in the job market could provide a much-needed boost to the meme coin, while a disappointing report could trigger a significant sell-off.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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