Pepe coin is one of the most popular meme coins. Its core features include a deflationary mechanism, a unique redistribution system, and a lack of taxation.
Accordingly, the long-term outlook for the Pepe coin looks bright and hopeful.
Furthermore, the recent assent of Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) has greatly enhanced the overall mood and momentum of the cryptocurrency market, with remarkable gains seen in the (PEPE) token, especially over the past few sessions.
Can PEPE Crypto Overcome the Trendline And Sky-Rocket?
The PEPE crypto coin is in the prolonged consolidation zone and is majorly traded below the supply zone. The price tried multiple times to break and pierce this supply level but was unable to do so, as it struggled at the resistance and eventually got thrown away.
However, the PEPE crypto has displayed a sign of decline as the price fell from a critical level of around $0.00000170000 on the charts and since then the price is trading below the trendline.
Furthermore, the 20, and 50-Day EMAs are pushing the price effectively and showing dynamic strength of the EMA’s resistance.
The crypto recorded a decline of 2.26% in the last 24 hours, trading at $0.00000118000. The latest price action showed the struggle failed and the price kept on declining by following the trendline.
Therefore, the crypto is headed for a steep drop, as it meets the resistance level and falls. Now, if the crypto price fails to stay above the $0.00000100000 level, it could decline further.
However, if the demand for the PEPE surges and manages to surpass the trendline and EMA resistance, the asset price could bounce back to the supply level again and could attempt to break as well. The next goal for the price is to reach $0.00000170000.
The MACD line is at 0.000000002990 and the signal line is at 0.000000002732, below the zero line. The PEPE crypto asset is showing bearish momentum as the MACD indicator is exhibiting a bearish crossover below the zero line in its domain.
The RSI is at 44.87 and 14- SMA is at 46.19. The RSI is falling steadily, indicating that the PEPE asset is not gaining steam and can continue to drop lower.
Summary
PEPE price chart demonstrates the bearish sentiments and perspectives regarding the crypto asset in the daily time frame. The PEPE price action highlights a bearish view at the time of publishing, the technical highlights the same as well.
Technical Levels
Support Levels: $0.00000100000
Resistance Levels: $0.00000170000
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
Source: https://www.thecoinrepublic.com/2024/01/18/can-pepe-crypto-coin-jump-use-the-obvious-supply-level-or-fall/