$PEPE Price Jumps 23% Today: Why It’s A Bull Trap - CoinGape Analytics

The PEPE coin price chart shows a downward trend within a descending channel, indicated by the blue lines. The price has been moving lower, respecting this channel’s upper resistance and lower support. PEPE price has a temporary resistance zone around $0.00000767 at the 50-day EMA ($0.0000104) and at the 200-day EMA ($0.00001027), which aligns with the upper boundary of the descending channel. There is also a key support level at $0.000006, close to the recent bounce point within the descending channel.

Both EMAs are trending downward, reinforcing the bearish momentum. The price is currently below both, indicating bearish market sentiment.

The Relative Strength Index (RSI) is 32.66, near the oversold territory. This suggests that the market might be experiencing a short-term bounce, as it typically does after hitting oversold levels. The Chaikin Money Flow (CMF) is at -0.19, indicating that there is still a negative money flow, but the recent uptick could signal a reduction in selling pressure.

If the PEPE price rallies and breaks above the 50-day and 200-day EMAs, it may signal market strength and subsequently invalidate the current bearish thesis. The price of PEPE would test the upper boundary of the falling channel around $0.000012, which is a 50% rise from the current price.