PEPE has fallen below $0.00001700, a key support level. Bulls should hold this line as bearish forces gather after this loss.
The meme coin’s price trajectory is in jeopardy after an early rally showed promise. Baby faces a crucial test, with the $0.00001700 barrier dividing buyers and sellers.
If bulls can hold this support, it could act as a launching pad for a fresh effort to break above the upper resistance. Failure to hold this level could lead to increased bearish activity, pushing PEPE lower and signaling a deeper pullback.
PEPE Drops to $0.00001748: Why?
The inability of PEPE bulls to continue the upward trend has caused the price to decline. After reaching the market confidence barrier levels, buying pressure has decreased, allowing bears to take control. The surge lacked the volume to break through the upper resistance areas, indicating that it lacks a sustainable upward advance.
In recent trading sessions, technical indicators such as the Composite Trend Oscillator have been pointing to potential declines. The PEPE price decline was expected as the market sought equilibrium. The indicator’s change towards neutral and the bearish crossover of the 100-day simple moving averages support the downtrend.
BABY
PEPE correction should be considered from the perspective of the cryptocurrency market. With Bitcoin and Ethereum being volatile, smaller tokens like PEPE are seeing high price volatility. PEPE may be struggling to maintain higher levels due to the market downturn.
Key Support Analysis: Can $0.00001748 Hold?
PEPE found important support around $0.00001748 as bearish pressure increased. This level usually stops further declines during downtrends. Market sentiment, volume dynamics, and cryptocurrency market conditions influence its stability.
If the $0.00001748 support holds, the bulls may regain control and push the price towards its previous high at $0.00002721. Breaking this barrier may lead to new highs, a change in the market attitude and an upward push.