Cryptocurrency News – PEPE coin price dropped by 3.83% in the last 24 hours, approaching the psychological level of $0.0000010. The downtrend forms a bear market channel on the 4-hour chart and represents a massive decline of 34% over the last 24 days.
PEPE coin continues to break multiple Fibonacci levels and reaches the important 78.60% Fibonacci level of the psychological $0.0000010 level. The current price action shows a negative cycle, exhibiting price rejection below the support trend line.
However, PEPE coin price has fallen by 4.75% in the last 24 hours, predicting a strong supply inflow. The bullish reversal within the channel is facing strong resistance as PEPE price struggles to hold above $0.0000011.
The RSI indicator shows a notable bullish divergence, with the RSI line widening even though the PEPE price is falling. This increases the likelihood that the bullish reversal will predominantly challenge the upper resistance trend line.
The MACD indicator fails to display bullish reversal signals and points to further downtrends.
On a positive note, the rally out of the channel will break the 61.80% Fibonacci level and challenge the upper supply pressure at $0.0000013437. In short, breaking out of the channel will bring a 20% upside opportunity for PEPE investors.
On the other hand, further decline in the market value of meme coins could break the 78.60% Fibonacci level. This breakout could test the bull dominance at $0.0000008432, dropping prices by 20%.