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PEPE Faces Escalating Selling Pressure as Price Falls Below $0.000007601 Support
PEPE is experiencing heightened selling pressure, with its price recently slipping below the critical support level of $0.000007601. This breach indicates a strengthening bearish trend, raising the risk of further declines, with the next support level at $0.000005871 in sight. The loss of this key support level is triggering concerns among traders, as the potential for more substantial losses looms larger.
Implications of the Breakdown
The break below $0.00000760 suggests a significant shift in market dynamics. This article examines how this key level breach could influence market sentiment and explores the potential trajectory of PEPE using technical indicators. The failure to hold this support is a clear signal of increasing bearish momentum, which could push prices lower in the near term.
Recent Market Activity
Over the past 24 hours, PEPE has experienced a 3.51% decline, with its price now hovering around $0.00000741. The cryptocurrency’s market capitalization remains just over $3.02 billion, with a 24-hour trading volume of $672 million. This period has also seen a 2.62% drop in market capitalization and a slight 0.27% decrease in trading volume, reflecting waning investor confidence.
Analyzing Market Sentiment
PEPE’s price action is clearly bearish, as the asset remains below the 100-day Simple Moving Average (SMA) on the 4-hour chart. Since breaching the $0.000007601 support level, PEPE has shown little sign of recovery, maintaining a downward trend that suggests further declines may be imminent.
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