In short: PEPE's price has recently shown high volatility, with a 30% increase in a day due to the SEC's lawsuit against Binance. The current price has formed a descending triangle pattern, indicating a bearish market. The support level stands at $0.0000010, and resistance lies at $0.0000013. The daily RSI is below 50 points, and MACD is negative, suggesting a weak market. Buyers must defend the current support, or the price may fall towards $0.0000005.
Our quick analysis:
PEPE, the meme-inspired cryptocurrency, has been riding the waves of volatility lately. In the last few days, the coin's price has moved by over 30% in a day, leaving investors wondering about its future prospects.
The recent announcement by SEC suing Binance has caused a stir in the market, leading to a surge and drop in PEPE's value. What's interesting is that this has created a large descending triangle, which some interpret as bearish.
Currently, the key support level for PEPE is at $0.0000010, and the resistance level is at $0.0000013. As the coin approaches the apex of the triangle, it's likely to make a major move in the next few days. So, buckle up for a bumpy ride!
The daily RSI, which is under 50 points, continues to give a bearish bias due to its lower highs. However, the daily MACD is negative, with the histogram making higher lows, indicating that this downtrend may find a bottom in the near future.
All in all, the bias for PEPE is bearish, and it's crucial for buyers to defend the key support level at $0.0000010. Any failure could potentially lead to a further decline in the coin's value, possibly towards $0.0000005.
As the coin's volatility remains high, only time will tell what direction PEPE's price will take. However, one thing is for sure: it's going to be a wild ride.
Disclaimer: The opinions expressed in this article are solely the author's and do not reflect the views of any organization. Investing in cryptocurrencies involves a high degree of risk and should be done after thorough research and analysis of the market conditions.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
PEPE, the meme-inspired cryptocurrency, has been riding the waves of volatility lately. In the last few days, the coin's price has moved by over 30% in a day, leaving investors wondering about its future prospects.
The recent announcement by SEC suing Binance has caused a stir in the market, leading to a surge and drop in PEPE's value. What's interesting is that this has created a large descending triangle, which some interpret as bearish.
Currently, the key support level for PEPE is at $0.0000010, and the resistance level is at $0.0000013. As the coin approaches the apex of the triangle, it's likely to make a major move in the next few days. So, buckle up for a bumpy ride!
The daily RSI, which is under 50 points, continues to give a bearish bias due to its lower highs. However, the daily MACD is negative, with the histogram making higher lows, indicating that this downtrend may find a bottom in the near future.
All in all, the bias for PEPE is bearish, and it's crucial for buyers to defend the key support level at $0.0000010. Any failure could potentially lead to a further decline in the coin's value, possibly towards $0.0000005.
As the coin's volatility remains high, only time will tell what direction PEPE's price will take. However, one thing is for sure: it's going to be a wild ride.
Disclaimer: The opinions expressed in this article are solely the author's and do not reflect the views of any organization. Investing in cryptocurrencies involves a high degree of risk and should be done after thorough research and analysis of the market conditions.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
0 Comments
Please, behave!