Return of PEPE Price to Long-Term Support
The meme coin industry as a whole has fallen by 14.5 percent in the last day, with the PEPE price falling by 18.29%.
According to the technical indications, we can see further declines soon.
With this, PEPE's already precipitous 36.09% drop since last Friday is even more pronounced. Meme Coin seems to have finally given up; they're currently lagging behind other big cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
Despite a 46.78% decline this month, PEPE still has a remarkable yearly return of 405.12%, well surpassing other top cryptocurrencies.
Further evidence of increased market activity and interest is the 37.33% increase in PEPE's trading volume to $1.30 billion in the last 24 hours.
Price of PEPE Reaches Long-Term Support Level - Stay tuned for more sales!
If the PEPE price chart is to be believed, this spike in volume can be a sign of further selling pressure.
PEPE market analysis and price chart. Citation: Binance.
Specifically, around $0.00000764, the PEPE price is re-evaluating important long-term support. A strong price rebound from this level would suggest the market is resilient in the face of the present bearish trend.
This makes sense since PEPE's relative strength index (RSI) is 30 (purple), putting it in oversold territory. One possible interpretation is that the asset is undervalued, which would indicate that a correction is necessary. Nonetheless, broader tendencies raise doubts about this possibility.
The most important thing to note is that the 30DMA (yellow) has replicated the downturn of the 200DMA (blue) and is now steeply descending.
A severe downtrend has been confirmed by the alignment of both the short-term and long-term moving averages in a downward direction. This vulnerability is not temporary; it will likely remain.
From what we can see, this foundation will most certainly crumble in the long run. The next major support level, around $0.00000637, may be the PEPE price's downfall.
