Pepe Bulls face more rejection
The $0.000009 resistance level is a brick block for the token
PEPE has been gaining ground lately as investors drive the price. Nevertheless, the $0.000009 resistance level was a brick block for the token. Currently trading at $0.000009 per unit in the early hours of Saturday, Pepe has a market valuation of $3.68 billion. The total daily trading volume stands at about $544 million. Pepe’s gain over the previous day is +1.39%. It has 420,689.9 billion in circulation
Recent price action shows a rejection of that level. PEPE’s price crashed after the botched breakout attempt. The token lost about 10% of its value in the last two days. Recent gains were obliterated by this sharp collapse, which returned the market to a bearish trend. PEPE price decrease that followed the rejection at the crucial resistance level was strongly associated with bearish on-chain indications for the most part, the signs were negative.
Notably, the number of investors “in the money” was -0.50%, indicating a negative trend, and the Net Network Growth suggested a bearish trend of 1.08%. Large transactions showed a bearish signal of 0.57%, and concentration levels were marginally bearish at -0.07%.
It was indicated by the correlation of negative signals from several measures that it would continue to experience downward pressure shortly. Notably, a significant decline in network activity during the past few weeks was shown by Santiment’s Active Addresses statistics. It might be challenging for PEPE to stage a rebound shortly due to this declining interest and participation.
What does PEPE do next?
Considering the converging bearish indications, PEPE appears poised for additional declines in the coming days. $0.00000720 is the next critical support level to be aware of PEPE may test its recent lows at $0.0000065 if such a support line breaks.
PEPE needs to take back the $0.00000920 resistance level, recently rejected to have any chance of a positive reversal. It is recommended that traders search for indications of support surrounding the current price level to identify possible short-term purchasing opportunities. But it is imperative to hold off on taking long positions until there is more evidence of a trend reversal. Price weakness may be indicated if it breaks below the lower pitchfork barrier
PEPE, a deflationary meme-coin, was released on Ethereum. The cryptocurrency was created as a tribute to the early 2000s internet fad known as Pepe the Frog, created by Matt Furie. Enacting a no-tax policy and being upfront about its lack of utility, PEPE is a meme-coin that appeals to the cryptocurrency community because it keeps things simple and pure.
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