📊 PEPE on a slippery slope, potentially testing $0.0000048 support level
PEPE, the meme coin that has captured the attention of many in the cryptocurrency market, is currently navigating a challenging phase.
The latest data shows that the meme coin has dropped by a whopping 25%, amid a broader crypto market drop that has seen the likes of Bitcoin (BTC) and Ethereum (ETH) test multi-month lows. Bitcoin, for instance, has tested a low of $49, with the market sentiment remaining bearish.
🔸 PEPE closed below a critical ascending trendline
Recent analysis indicates that PEPE closed below its critical ascending trendline on Saturday, leading to a significant 6% decline over the subsequent day.
By press time on Monday, the coin had plummeted 19% to $0.0000066. It had a slight rebound after testing its daily support level at $0.0000060. The price action has raised concerns among investors.
If PEPE fails to maintain this support and closes below $0.0000060, it could experience a further drop, potentially retesting the next support level at $0.0000048.
Momentum indicators like as the Relative Strength Index (RSI) and the Awesome Oscillator signal a continuation of the downward trend.
🔸 PEPE struggled to hold its fair value gap as a support zone
The price action and on-chain data reveal that PEPE struggled to hold its fair value gap as a support zone. The coin crashed through this level, reaching local lows at $0.000008.
This level previously acted as a bounce point after early July losses, the meme coin has dropped past it fast approaching the other support level at $0.0000060. While there is hope for a rebound, the current market conditions suggest otherwise.
