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The Pepe coin price plummeted more than 20% in the last 24 hours to trade at $0.000005747 at press time.
Pepe Coin Price Resting on Support
4-hour chart for PEPE/USDT (Source: TradingView)
In the latest trading sessions, the Pepe price has witnessed fluctuations in its price movements, reflecting uncertainty and potential indecision in the market.
Over the last 24 hours, PEPE’s closing prices have hovered around the $0.0000058 to $0.0000068 range. This range suggests a relatively stable but consolidating market sentiment.
The 9 Exponential Moving Average (EMA) has been gradually declining, indicating short-term bearish momentum. Meanwhile, the 20 EMA has shown a similar downward trend, reinforcing the short-term bearish sentiment.
The Moving Average Convergence Divergence (MACD) histogram has consistently shown negative values, indicating a bearish trend. The MACD line has remained below the signal line, further confirming the bearish outlook.
https://t.co/WHURjoguYb pic.twitter.com/M460JaFAcO — Pepe (@pepecoineth) April 11, 2024
The Relative Strength Index (RSI) readings have consistently stayed below the 50 mark, signaling bearish momentum. However, the RSI has not entered oversold territory, suggesting that the downtrend may not be exhausted yet.
Considering the provided resistance and support levels, the Pepe price may encounter resistance at $0.00000705, $0.00000734, and $0.00000745 levels. Conversely, support levels are anticipated at $0.00000552, $0.00000395, and $0.00000271.
Overall, the technical indicators lean towards a bearish outlook for PEPE. Both moving averages, MACD, and RSI suggest a continuation of the downward trend.
Possible Trade Ideas
For long trades, traders might consider entering positions if the price manages to break above the resistance levels mentioned, with careful attention to volume confirmation. Conversely, short trades could be initiated if the price falls below the support levels, again, with confirmation from volume indicators.
Disclaimer: The information presented in this article is for informational and educational purposes only. It does not constitute financial advice or recommendations. Ecoinimist bears no responsibility for any losses incurred as a result of using the information provided. Readers are advised to conduct their own research and consult with a qualified financial advisor before making any investment decisions.
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