As a seasoned crypto investor with battle scars from numerous market cycles, I must admit that the recent price action of PEPE is causing me some concern. The fact that it has breached the critical $0.00000766 support level and is now trading below its 100-day Simple Moving Average (SMA) is a clear sign that bears have taken control.
Lately, the market trends indicate that PEPE is experiencing increased selling force, causing its price to drop beneath the significant support of $0.00000766. This descent suggests a potential worsening trend, with sellers taking charge and aiming for further declines towards $00000589. Falling below this pivotal point has sparked worry among traders, as the chance of more substantial losses increases.
In this piece, we’ll explore the potential consequences as PEPE‘s price dips under a vital resistance point. We’ll discuss how such a break affects market psychology and assess, using crucial signals, the probability of additional price drops.
Over the last day, the price of PEPE dropped by about 3.51%, settling around 0.00000724. The market capitalization of PEPE is now over $3 billion, with trading volume surpassing $652 million. Over this time frame, both the market cap and trading volume of PEPE have experienced slight decreases, by 3.62% and 0.26% respectively.
Market Sentiment Shifts As Price Falls Under Crucial Support
PEPE’s current price trend suggests a strong downward movement, as it is trading under its 100-day Simple Moving Average (SMA) in a 4-hour timeframe. After dropping below the $0.00000766 support level, there has been minimal indication of a rebound for this cryptocurrency asset.
Maintaining this price pattern beneath a crucial moving average indicates that negative momentum is dominating strongly. Consequently, there’s a high probability of the downtrend continuing, particularly if the price persists in facing challenges below this significant resistance point.
Furthermore, it appears that the Relative Strength Index (RSI) is predicting a potential drop for PEPE down to the $0.00000589 support level. The signal line has dipped below 50% and currently hovers around 37%, indicating that there is still significant bearish pressure within the market, suggesting continued decline for PEPE.
PEPE’s price is currently below its 100-day Simple Moving Average and trendline, suggesting a possible downtrend. The cryptocurrency seems to be aiming for the $0.00000589 support level. If this bearish trend continues, it may also impact other potential support levels.
In conclusion, the structure of the one-day Relative Strength Index (RSI) indicates that PEPE might continue its downtrend. At present, the signal line is hovering near 35% and has failed to surpass 50%, which could lead to a further drop towards the oversold region.
Potential Downside Targets: Where PEPE Could Be Headed Next
Continued selling pressure might cause PEPE‘s price to drop towards its next potential support at 0.00000589 USD. If this level is breached decisively, it could indicate further bearish trends, potentially pushing the asset down to 0.00000566 USD and possibly even lower.
If PEPE regains strength from the $0.00000589 point, it may move back towards its previous peak of $0.00001152. Breaking above this level might suggest continued positive momentum, possibly pushing it towards the resistance area of $0.00001313 and potentially higher levels.
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2024-08-17 20:10