PEPE Selling Pressure Surges As Price Slips Under $0.00000766 Support
18 August 2024 - 3:00AM
NEWSBTC
Recent trading activities reveal that PEPE is under mounting
selling pressure as its price falls below the critical $0.00000766
support level. This dip signals a further bearish move, with bears
gaining control and eyeing further downside towards the $00000589.
The break below this key level raises concerns among traders, as
the possibility of deeper losses becomes increasingly likely. As
momentum turns negative, this article aims to examine the
implications of PEPE’s price slipping below a critical support
level. It will delve into how this breakdown impacts market
sentiment, and with the help of key indicators evaluate the
likelihood of further declines. In the past 24 hours, PEPE has
declined by 3.51%, reaching approximately $0.00000724. Its market
capitalization stands at over $3 billion, with a trading volume
exceeding $652 million. During this period, PEPE’s market cap and
trading volume have decreased by 3.62% and 0.26% respectively.
Market Sentiment Shifts As Price Falls Under Crucial Support PEPE’s
price is exhibiting active bearish behavior, trading below the
100-day Simple Moving Average (SMA) in the 4-hour timeframe. Since
falling below the $0.00000766 support level, the crypto asset has
remained steady, showing little sign of recovery. This
sustained price action under a key moving average suggests that
bearish momentum is firmly in control. As a result, the downward
trend could likely extend further, especially if the price
continues to struggle below this critical resistance level.
Additionally, the Relative Strength Index (RSI) indicates that PEPE
could continue its decline toward the $0.00000589 support level.
The signal line has fallen below 50% and is now trending around
37%, suggesting that bearish pressure remains strong in the market.
On the 1-day, PEPE is still trading below the 100-day SMA and the
trendline. It can be observed that the crypto asset is attempting a
bearish move toward the $0.00000589 support level. With this recent
bearish move, the decline could extend to other support levels.
Lastly, the formation of the 1-day RSI suggests that PEPE is at
greater risk of extending its decline. The signal line is currently
hovering around 35% after failing to break above 50%, setting the
stage for another drop toward the oversold zone. Potential Downside
Targets: Where PEPE Could Be Headed Next Ongoing bearish pressure
could push PEPE’s price down to the next support level at
$0.00000589. A decisive break below this support could signal
further bearish movement, potentially driving the asset toward the
$0.00000566 support level and possibly even lower. However, if PEPE
rebounds from the $0.00000589 level, it could retrace toward its
previous high of $0.00001152. If the cryptocurrency breaks above
this level, it could signal further upward momentum, potentially
targeting the $0.00001313 resistance range and other higher levels.
Featured image from Adobe Stock, chart from Tradingview.com
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