The PEPE Trader's Guide to Making Money Despite Market Volatility
PEPE, an Ethereum-based deflationary memecoin, has reversed its initial decline and is currently exhibiting indications of resurgence. After finding support around $0.000009 again, PEPE has gained more than 1.50% in the last day.
With Bitcoin's price soaring past $61,500 on the back of favorable news, the general optimistic feeling in the cryptocurrency market has been fueling PEPE's recent upward momentum.
A descending channel has formed on the daily chart of PEPE, and the stock has fallen below the 20-day and 50-day exponential moving averages, indicating a long-term downturn. Regardless, PEPE just emerged from the channel, so buyers may try again at the $0.0000127 resistance level in the middle of July.
But the bears wasted no time driving prices down, with support located between $0.0000065 and $0.000007. The buyers are now aiming for a quick rebound, but they have to break over the $0.0000087 barrier before they can go for $0.0000127.
With a price of $0.0000771 and a 50-day Exponential Moving Average (EMA) of $0.0000851, PEPE/USDT is in bearish zone and may be headed for a temporary decline.
Assuming the decline continues, the asset can find further floors between $0.0000736 and $0.0000700 in addition to the immediate support at $0.0000771.
According to technical indicators, PEPE/USDT could be heading into oversold territory, as the Relative Strength Index (RSI) is now at 37.70. If purchasing interest grows, this might indicate that prices are about to stabilize or see an upward correction.
For the time being, the $0.0000955 level represents an immediate hurdle for PEPE/USDT, with the $0.0001055 and $0.0001151 levels providing more obstacles. If the market were to reverse and reaffirm bullish momentum, these levels would have to be broken.
In conclusion, the support level around $0.0000771 should be attentively monitored by investors. There may be a buying opportunity at this level, suggesting a possible reversal, if it holds.
