SinceJune,thePepe(PEPE)pricehaswitnessedmildsellingonadailytimeframe.ThePEPEpricehasbeendecliningduetoresistancefromadescendingtrendline.
However,buyershavelostmomentumnearthetrendlineandhavewitnessedsellingpressure.ThePEPEcryptohasdroppedtothe200-dayexponentialmovingaverage(EMA)andformedabullishcandlestick.
Here,RSIdidnotfavorbullishmomentumwhilethepricestayedonthe200-dayEMA.Thefurthermomentumseemsuncertainevenafterabreakdownfromasymmetricaltriangle.Atthispoint,200-dayEMAisworkingasasupportlevel.
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IsPEPEPriceataDiscount?
AcryptoanalystnamedEXCELGLOBALSIGNALS(@excel_global55)sharedhisanalysisonXaboutPEPEcrypto.HeclaimedthatthePEPEpricehasmadeadipandmightreverse.
$PEPE24%down
perfectpredictiononcemorehttps://t.co/vFIlGsnZl2pic.twitter.com/ZtkJQl7eEl—EXCELGLOBALSIGNALS📊(@excel_global55)October27,2024
Ina4-Htimeframe,thePEPEcryptohasjusttestedthelastswinglowandshownpricerejection.Here,buyershaveshowninvolvement,whichcouldleadtoabullishmomentumahead.
PEPEPriceTriggeredaBreakdownFromSymmetricalTriangle
Whenwriting,thePepecoinwastradingat$0.00000991,whichhasremainedneutraloverthepast24hours.Themarketcapitalizationwas$3.82Billion,andthe24-hourtradingvolumewas$432.16Million.
BuyershaveshowninterestsinceSeptemberandliftedthepricethroughatrendline.Moreover,thepricehastriggeredabreakdownfromthetrendline.
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ThePEPEpricehasformedasymmetricaltrianglepatternonthedailytimeframe,triggeringabreakdown.Itcouldbeabearishsignifthepriceslipsbelowthe200-dayEMA.
Also,sellersmaydragthepricetothesignificantsupportlevelof$0.00000600.IfthePEPEpricelosesthiszone,strongsellingcanbeanticipated.
Ontheotherhand,ifthecryptoassetpricedefendsthe200-dayEMA,abuyingsignalcanbegenerated.
Oncethepriceexceedsthedescendingtrendline,buyersmightshowinterestandliftthepricefurther.Supposethetradingvolumeincreasesatthetimeofthebreakout,thenitcouldremainbullishforlonger.
Basedonthetechnicalindicators,theRSIstayedbelowtheRSI-basedmovingaverage.Itisat44.84andheadingtowardtheoversoldzone,whichcaninvitesellers.Thepricehasdeclinedbelowthekeymovingaverages,demonstratingabearishtrend.
PEPEPriceAnalysisandForecast
PEPEpriceiscurrentlynavigatingacriticalphase,recentlydecliningby20%andencounteringsignificantsellingpressure.Thetokenhasfoundsupportatthe200-dayEMA.
However,theoverallsentimentremainedcautiousduetoaweakeningRSIandabreakdownfromasymmetricaltrianglepattern.Supposethepricefallsbelowthe200-dayEMA,bearishmomentumcouldintensify.
Thatcouldpotentiallyleadtoadropinkeysupportlevels.PEPEcryptomaymaintainitspositionabovethe200-dayEMAandbreakthroughthedescendingtrendline.
Ifthishappens,itmaysignalapotentialreversalandattractbuyers.Increasedtradingvolumecanhelpmore.Asthesituationdevelops,vigilancewillbenecessarytoassessthenextmovesinthisvolatilemarket.
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