PEPE Bullish Trend Line Under Threat: $0.00000766 Level On Sight?
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PEPE, a leading meme coin in the crypto market, is nearing its long-standing bullish trend line. This critical point may determine its future direction. A break below the trend line could signal a bearish trend, leading to a price decline to $0.00000766. However, a reversal might push its price back to $0.00001152 or higher.
Currently trading at around $0.00001005, PEPE has seen a 5.10% decrease in price over the past 24 hours. Additionally, its market cap has dropped by 5.32%, and trading volume has surged by 35.01%.
Technical analysis indicates a significant bearish sentiment for PEPE. The price has fallen below the 100-day Simple Moving Average (SMA) and the $0.00001152 support level. Moreover, the Relative Strength Index (RSI) is nearing the oversold zone, reinforcing the bearish outlook.
On the 1-day chart, PEPE continues its bearish trajectory below the 100-day SMA. Rejection at $0.00001313 has led to multiple bearish candlesticks. The RSI's movement toward the oversold zone further confirms the worsening market sentiment.
Navigating these dynamics is crucial for PEPE's future. A decisive break below the bullish trend line could accelerate its decline toward $0.00000766. On the other hand, a bounce back at the trend line might lead to a retracement to $0.00001152 and potentially target higher levels around $0.00001313.
Source: www.newsbtc.com ↗
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