PEPE Price Faces Challenges in Gaining Momentum
Release: 2024/07/14 03:14 Reading: 428
PEPE Price Faces Momentum Obstacles
PEPE's price struggles to regain momentum, signaling potential profit exhaustion. Memecoin enthusiasts anticipate a recovery, contingent on breaching a critical resistance level. Trading at $0.00000881, PEPE remains below $0.00001000, anticipating a bullish catalyst to initiate an upward trend.
PEPE's Current State
The consolidation period has been beneficial for investors, as profits are uncertain. The Global In/Out of the Money (GIOM) indicator shows that approximately 70 trillion PEPE, worth $617 million, were purchased between $0.00000800 and $0.00000990. This supply will only yield profits if PEPE secures $0.00001000 as a support base.
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However, demand is currently low, as reflected by the Relative Strength Index (RSI). Bullish momentum in the RSI is weak, indicating that buying interest is insufficient to sustain price gains. A weak RSI typically suggests that the asset faces obstacles in gaining ground and maintaining an upward trend. Moreover, selling pressure currently dominates the market, leading to downward price movements.
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This selling pressure counterbalances potential gains from bullish momentum, creating an environment conducive to price declines. The dominance of sellers attenuates RSI levels and reinforces the bearish outlook for PEPE.
PEPE Chart Analysis
PEPE's price can only establish $0.00001000 as support and exit consolidation with increased demand. Currently, given the weak market signals, recovery may be protracted, keeping profits elusive for investors and hindering consistent price gains until the resistance is breached.
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This could potentially drive PEPE towards $0.00001146. Conversely, a drop to $0.00000775 would indicate continued consolidation for the memecoin project. This could undermine the bullish narrative and expose PEPE to further declines.
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