Hi Guys,

How PEPE traders can profit from this near-term volatility

What are the odds on PEPE reversing its bearish trend?

The memecoin market’s sentiment improved as its total market cap surged by 10% to over $42 billion over the past 24 hours. Additionally, the Crypto Fear & Greed Index showed a ‘neutral’ reading after hovering in the fear zone for a long time. 

PEPE lost all its near-term bullish edge after it recently declined below its 20-day and 50-day EMAs after reversing from the $0.0000127 resistance. However, the recent rebound from the memecoin’s immediate support level has set the stage for buyers to re-enter the market.

PEPE was trading at $0.0000086, at the time of writing. 

Can PEPE bulls reverse the near-term trend?

PEPE had entered a relatively long-term bearish trend, as the price action kept marking lower highs and lows while losing crucial support levels.

In the meantime, PEPE formed a descending channel pattern on its daily chart, depicting a relatively high bearish edge, and fell below its 20-day and 50-day EMAs.

Here, it’s worth noting that PEPE recently saw an expected breakout from its descending channel, one that helped the buyers retest the $0.0000127 resistance in mid-July.

However, the bears stepped in to provoke a steep downtrend from this resistance level amid market uncertainty. This downtrend has now found support at the confluence of the horizontal and diagonal support levels near the $0.0000065 – $0.000007.

The buyers would now aim to provoke a near-term uptrend. Alas, the $0.0000087 resistance could pose near-term hurdles. Should PEPE find a close above this level, bulls would aim to retest the $0.0000127 in the coming sessions.

On the other hand, if the broader market sentiment continues to deteriorate, the memecoin could test the next major support level at $0.0000049.

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