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Cryptocurrency News Articles
As PEPE tests key support level, is a major rally on the way?
Aug 12, 2024 at 09:32 pm
Pepe coin (PEPE) shows resilience in a market downturn, testing key support levels with active trading and dynamic participation.
Cryptocurrency memecoin PEPE (PEPE) could experience a 40% rally to reach $0.000021 if it manages to close a daily candle above the $0.0000090 level.
However, if the price fails to stay above this level, it could lead to a further decline of 25% in the upcoming days, bringing the price to around $0.000006.
On the other hand, if the price manages to rally, it could encounter resistance at the 200-day Exponential Moving Average (EMA) at $0.0000103, and if it breaks through this level, it could reach the Fib Retracement level at 0.236, which is around $0.0000127.
According to technical analysis provided by an expert, PEPE looks bearish on a daily chart as it fell again below the 200 EMA. However, the memecoin experienced a price decline of over 90% from its all-time high, and it is currently trading at a 95% discount from its ATH.
Moreover, the memecoin’s trading volume increased by 50% during the price decline. This increase in trading volume suggests higher participation from traders and buyers.
The memecoin, which is a tribute to the popular Internet meme Pepe the Frog, experienced a surge in interest earlier this year. It quickly became one of the most searched cryptocurrencies on Google and managed to enter the top 200 cryptocurrencies by market capitalization.
However, despite the recent price decline and bearish technical analysis, PEPE still has a chance to rally if it manages to stay above the key support level and encounters buying pressure from traders and investors.
The memecoin, which is available for purchase on several cryptocurrency exchanges, including Binance, could experience a rally if it manages to stay above the crucial support level and encounters buying pressure from traders and investors.
If you're interested in learning more about PEPE or other cryptocurrencies, check out our cryptocurrency news section.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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