Pepe is located in a risky area for investors despite the recent recovery movement. Technical analysis shows that there may be a bull trap in price movements. Is it possible for Pepe to have more decreases in the coming days?
A declining tendency continues in Pepe
With Bitcoin’s balancing at $ 102,000, the Memecoins follow a wavy course. The total Memecoin market value exceeded $ 92 billion. However, Pepe could not recover after yesterday’s decline despite the recovery of the general market.
Pepe, which decreases 1 %during the day, is currently trading at $ 0.00001275. However, considering the latest price movements, it is thought that a correction process may continue and that this process may decrease to the price level before November 2024.
Technical indicators give a fall signal
Daily graphics show that Pepe breaks the falling channel formation. The 7.35 %withdrawal on January 26 caused the 200 -day EMA line and support trend. Price in this process, Three black crows formationIt showed that sales pressure increased by creating.
However, buyers came into play at the level of 0.000011 dollars and provided the price to recover. With this recovery, Pepe increased to $ 0.00001275 and created a haram bull formation in the daily graph. If this formation is approved, the Pepe price may rise again.
Critical support and resistance levels in Pepe
Although the daily RSI indicator gives a recovery signal away from the over -selling zone, the tendency to decline in dynamic support levels continues. Especially the negative intersection between the 20 and 100 -day EMA lines strengthens the sales signal, while the 50 and 100 -day EMA lines turn to a similar negative intersection indicates that sales pressure will continue.
According to the Fibonacci analysis, Pepe price is currently testing a 38.20 %Fibonacci retreat level at the $ 0.00001252 dollars. In order to continue the rise, Pepe needs to exceed the 200 -day EMA level. However, due to the current uncertainty in the market, the price seems to be highly likely to fall back to support levels.
If the price is withdrawn, the first support level is around 0.000010 dollars. If a stronger sales pressure occurs, Pepe has a decrease in a total of 38 %loss of value by decreasing to $ 0.00000792.
