PEPE Bulls Lose Momentum, Downside Risk Grows After Failing To Hold $0.00000963
The post PEPE Bulls Lose Momentum, Downside Risk Grows After Failing To Hold $0.00000963 appeared on BitcoinEthereumNews.com.
PEPE’s recent price action is raising concerns among traders, as bullish momentum appears to be fading. After attempting to rebound, the token faced strong resistance at the $0.00000963 mark, signaling a potential shift in market sentiment. With bulls struggling to maintain control and selling pressure mounting, the door is now open for further downside movement, leaving investors to question whether PEPE can recover or if more losses are on the horizon. The purpose of this article is to examine the token’s loss of bullish momentum after failing to break past the $0.00000963 resistance. By analyzing current market trends and technical signals, the aim is to highlight the increasing downside risks and explore whether the meme coin is set for additional declines or a potential reversal shortly. Bulls Lose Steam: PEPE Set For Further Decline PEPE has recently entered bearish territory on the 4-hour chart, dipping just below the 100-day Simple Moving Average (SMA) and approaching the crucial $0.00000766 support level. This drop below the 100-day SMA indicates weakening strength, and with sellers taking control, the cryptocurrency faces the possibility of more losses. PEPE entering bearish territory after drop below the 100-day SMA | Source: PEPEUSDT on Tradingview.com An analysis of the 4-hour Relative Strength Index (RSI) indicates that the signal line has dropped to 43%, following a brief rise to the 50% threshold suggesting that buying pressure is weakening, as the RSI moves deeper into bearish territory. Typically, an RSI reading below 50% implies that sellers are gaining control, which could lead to further downward pressure on the price. Also, the meme coin is demonstrating notable negative momentum on the daily chart, having encountered resistance at $0.00000963, as evidenced by a bearish candlestick formation. With sellers gaining the upper hand, the meme coin is on the verge of breaking below…
Filed under: News - @ October 6, 2024 6:03 am