Amid the market crash, the PEPE price fell by 40% in the last seven days. Further, the support trendline fails to hold the rising supply, giving a sell signal. As the downfall hits $0.0000065 support, will buyers be able to halt it?
Amid the broader market crash, meme coins experience a free fall with a constant surge in supply. Amid this crash, PEPE registers an intraday drop of 16.53% as it loses the $0.000010 psychological milestone.
With a breakdown under the 200D EMA, the PEPE market cap drops to $1.71B as it fractures multiple supports. Let’s take a closer look at the price analysis to find the next reversal spot.
Triangle Breakdown Puts PEPE Under Extreme Pressure
Taking a rejection from the $0.000013 resistance levels, the PEPE price fails to hold at any crucial levels in seven days. Breaking under all the crucial EMAs (50, 100, and 200), the meme coin tests the $0.0000065 support level.
Furthermore, the streak of bearish candles breaks a support trendline in motion, and the previous low was at $0.00000835. With a new lower-low, PEPE teases a new bearish trend formation.
Currently, the PEPE meme coin trades at $0.000006726 with a lower price rejection in the daily candle. Hence, a possible retest of the broken trendline could be seen in the near future.
The daily RSI line shows a declining trend entering the oversold zone, reflecting the underlying surge in supply. Further, the downtick in the 50D EMA warns of a bearish crossover with the 100D EMA.
Will PEPE Downfall Reverse From $0.0000065?
As Bitcoin and other top crypto assets crash, meme coins fail to sustain above any support levels. Hence, PEPE is likely to collapse even further as the downfall in the broader market gains momentum.
Furthermore, with the trendline breakout, the overall sentiment in the daily chart is bearish. Hence, a potential drop to the next support levels at $0.0000050 and $0.0000042 is possible.
Although the sentiments and predictions are bearish, a recovery in the global markets will propel PEPE to $0.000010.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
