PEPE continues to remain below the 20-day and 50-day Exponential Moving Average (EMA) levels, providing short-term volatility and trading opportunities. Data on memecoin derivatives show cautious optimism among buyers. The total market value of the memecoin sector has increased by 10% in the last 24 hours, exceeding $42 billion. During the same period, the Fear and Greed Index has risen from the fear zone to the 'neutral' level.
PEPE lost its short-term bullish momentum after falling below the 20-day and 50-day EMAs. The price fell to $0.0000086 after reversing from the $0.0000127 resistance level, and subsequent buy-backs offered buyers an opportunity to re-enter the market. PEPE is in a long-term downtrend, characterized by lower highs and lows and the loss of critical support levels. The downtrend seen on the daily chart is evident in the downtrend. However, the recent breakout from this channel offered buyers an opportunity to test the $0.0000127 resistance level in mid-July. This gain was short-lived, and market uncertainty led to a sharp decline by the bears.
PEPE’s price action found support at the confluence of horizontal and diagonal supports at $0.0000065 to $0.000007. Buyers targeting a short-term uptrend may face resistance at $0.0000087. Breaking this barrier could pave the way for a retest of the $0.0000127 resistance in the upcoming sessions. On the other hand, deteriorating market sentiment could see PEPE test the major support level at $0.0000049.
The Relative Strength Index (RSI) is trading at lower levels but is showing signs of recovery after falling into oversold territory. A move above 50 could ease selling pressure. Additionally, the Awesome Oscillator has shown a green line following PEPE’s recent gains, which could be an early indicator of a bullish reversal.
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I EXPLAIN IN DETAILED.
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