Pepe (PEPE) price may decrease further in the near future, what is the reason?
The song channel gradually decreases
Pepe (PEPE) price has been falling inside a parallel descending channel since reaching a local high at $0.0000019 on July 14. This is a bullish pattern, which typically leads to a breakout in the majority of markets. fit.
However, this move caused the price to break below the $0.00000083 support zone and hit a low of $0.00000060 on September 17. This suggests a continuation of the downtrend.
In fact, the subsequent rally was stopped by the confluence of resistance levels at 0.00000083, which includes the channel's resistance line and the previous support zone.
The daily RSI has also fallen back below 50 in the process. Therefore, the bears are likely still in control of the market and PEPE price may decline further in the near future.
A potential target for this decline is the recent low at $0.00000060. A break of this level could sink the price to the channel's support line at $0.00000032.
Short-term outlook
The 4-hour chart favors a continuation of the downtrend as PEPE price broke below the $0.00000073 zone on October 3, which was expected to provide support.
Price has subsequently confirmed this zone as resistance, most recently today (red arrow).
The RSI was also rejected by the 50 level today and sloped down, showing that the bears are in control of the market.
Therefore, the price could drop to the nearest support zone at $0.00000066 in the next few days.#crypto#pepe
#memes
The song channel gradually decreases
Pepe (PEPE) price has been falling inside a parallel descending channel since reaching a local high at $0.0000019 on July 14. This is a bullish pattern, which typically leads to a breakout in the majority of markets. fit.
However, this move caused the price to break below the $0.00000083 support zone and hit a low of $0.00000060 on September 17. This suggests a continuation of the downtrend.
In fact, the subsequent rally was stopped by the confluence of resistance levels at 0.00000083, which includes the channel's resistance line and the previous support zone.
The daily RSI has also fallen back below 50 in the process. Therefore, the bears are likely still in control of the market and PEPE price may decline further in the near future.
A potential target for this decline is the recent low at $0.00000060. A break of this level could sink the price to the channel's support line at $0.00000032.
Short-term outlook
The 4-hour chart favors a continuation of the downtrend as PEPE price broke below the $0.00000073 zone on October 3, which was expected to provide support.
Price has subsequently confirmed this zone as resistance, most recently today (red arrow).
The RSI was also rejected by the 50 level today and sloped down, showing that the bears are in control of the market.
Therefore, the price could drop to the nearest support zone at $0.00000066 in the next few days.#crypto#pepe
#memes