Has the PEPE 40% Breakdown in 7 Days Hit a Reversal Spot?
Amid the market crash, the PEPE price fell by 40% in the last seven days. Further, the support trendline fails to hold the rising supply, giving a sell signal. As the downfall hits $0.0000065 support, will buyers be able to halt it?
Amid the broader market crash, meme coins experience a free fall with a constant surge in supply. Amid this crash, PEPE registers an intraday drop of 16.53% as it loses the $0.000010 psychological milestone.
With a breakdown under the 200D EMA, the PEPE market cap drops to $1.71B as it fractures multiple supports. Letâs take a closer look at the price analysis to find the next reversal spot.
Triangle Breakdown Puts PEPE Under Extreme Pressure
Taking a rejection from the $0.000013 resistance levels, the PEPE price fails to hold at any crucial levels in seven days. Breaking under all the crucial EMAs (50, 100, and 200), the meme coin tests the $0.0000065 support level.
Furthermore, the streak of bearish candles breaks a support trendline in motion, and the previous low was at $0.00000835. With a new lower-low, PEPE teases a new bearish trend formation.
Currently, the PEPE meme coin trades at $0.000006726 with a lower price rejection in the daily candle. Hence, a possible retest of the broken trendline could be seen in the near future.
The daily RSI line shows a declining trend entering the oversold zone, reflecting the underlying surge in supply. Further, the downtick in the 50D EMA warns of a bearish crossover with the 100D EMA.
