Recent trading activities reveal that baby It is under increasing selling pressure as its price drops below the critical support level of $0.00000766. This drop indicates another bearish move, with Bears Regaining control and looking for further decline towards the 00000589 level. A drop below this key level raises concerns among traders, as the possibility of bigger losses becomes increasingly likely.
With momentum turning 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, assess the potential for further declines.
Over the past 24 hours, the price of PEPE has decreased by 3.51% to reach around $0.00000724. market PEPE’s market cap reached over $3 billion, with a trading volume of over $652 million. During this period, PEPE’s market cap and trading volume decreased by 3.62% and 0.26% respectively.
Market sentiment changes as price falls below critical support level
PEPE price is showing an active bearish behavior, trading below the 100-day simple moving average (SMA) on the 4-hours timeframe. Since breaking below the $0.00000766 support level, the crypto asset has remained flat, showing little sign of recovery.
This sustained price action below a major moving average indicates that the downward momentum is fully under control. As a result, the downtrend is likely to continue, especially if the price continues to struggle below this critical resistance level.
In addition, the Relative Strength Index (RSI) indicates that PEPE may continue to decline towards the support level of $0.00000589. The signal line has fallen below 50% and is now heading towards 37%, indicating that the bearish pressure is still strong in the market.
Over the first day, PEPE stock is still trading below its 100-day simple moving average and trend lineIt can be seen that the cryptocurrency is trying to move down towards the support level of $0.00000589. With this recent downward movement, the decline may extend to other support levels.
Finally, the 1-day RSI formation suggests that PEPE stock is at greater risk of extending its decline. The signal line is currently hovering around 35% after failing to break above 50%, paving the way for another decline towards the oversold zone.
Potential Downside Targets: Where PEPE Stock Might Head Next
Continued bearish pressure could push PEPE price to the next support level at $0.00000589. A decisive break below this support could signal further declines. a movementwhich could push the asset towards the support level of 0.00000566 and perhaps even lower.
However, if PEPE rebounds from the $0.00000589 level, it could drop towards its previous high at $0.00001152. If Cryptocurrency In case of a break above this level, it may indicate further bullish momentum, which may target the resistance range of 0.00001313 and other higher levels.
Featured image by Adobe Stock, chart by Tradingview.com
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