- PEPE Coin must hold the $0.00000765-$0.00000835 support zone to avoid further decline towards $0.0000066.
- Breaking above the $0. 00001225 resistance is paramount in the process of negation of the bearish trend and in turn creation of an uptrend signal.
- The bullish order block around $0.0000073 could provide a significant support level, possibly leading to a bounce back.
PEPE Coin has been consistently hitting a descending resistance line, facing multiple rejections. This pattern indicates a bearish trend. The price has created a major support around $0. 00000765 and $0. 00000835. To avoid a further drop, sustaining itself above this level is of the essence. If PEPE fails to maintain this support, it could drop to the next support level at $0.0000066.
Resistance and Trend Reversal
For bearish outlook to be nullified, PEPE must breakout from $0. 00001225. It would be the end of this resistance level signaling that a bullish run may have just started and that the upward trend has begun. This level is critical for investors watching for signs of a bullish recovery.
There is a bullish order block around $0.0000073. This area could act as a strong support level, potentially providing a bounce back if tested. This support zone is important as it might offer a temporary relief from the bearish trend.
Source: TradingView
Technical Analysis Insights
The overall trend has been downward recently after a significant uptrend earlier. The chart shows a rising channel that eventually broke to the downside, followed by a descending triangle pattern. This triangle pattern has a horizontal support level and a descending resistance line.
The price recently touched the support level and showed a small bounce. It is possible for the price to form a double bottom which would suggest that a reversal may be near. There is a possibility as urged by the analyst of an upward movement from this level to bounce off the support and break the descending resistance line.
Daily Price Movements
The chart, showing daily candles from May to July, highlights several key points. The price has also been fluctuating with rise and fall and rise again kind of a movement.
Price, on July 7th, fluctuated a low of $0. 00000085 to $0. 00000098, ending at $0. 00000090. A significant drop occurred around 4:00 PM, after that it minimizes again and then it has a slight increase towards the latter part of the day.
Source: CoinMarketCap
This analysis suggests a potential bullish reversal based on technical patterns and support levels. However, technical analysis alone cannot guarantee future price movements.
Investors should consider additional factors before making any investment decisions. PEPE Coin’s future price action remains uncertain, with critical levels to watch for both bearish and bullish scenarios.
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