- Bearish grip intensifies as PEPE slides to a 7-day low.
- During the dip, PEPE finds support and resistance at $0.000001357 and $0.000001463.
- The oversold PEPE market hints at a potential rebound opportunity.
Bears have taken control of the Pepe (PEPE) market in the last 24 hours, with prices sliding from an intra-day high of $0.000001463 to a 7-day low of $0.000001357. As of press time, the bearish effect was still in action, resulting in a 6.07% drop from its previous closing to $0.000001363.
During the bear reign, PEPE’s market capitalization and 24-hour trading volume fell by 5.95% and 17.64%, respectively, to $534,600,049 and $97,157,376. This drop underscores traders’ concern about a protracted bear rally and more possible losses.
If the bearish mood continues, it may break the $0.000001357 support level, with the next support level to monitor at $0.00000125. On the other hand, a resumption of bullish momentum may see the price bounce and even target the $0.0000015 resistance level.
The Relative Strength Index rating of 31.04, pointing south, indicates that PEPE bearishness is gaining traction. However, a short-term rebound is possible since it is approaching oversold territory (below “30”).
The Aroon down (blue) reading of 85.71% on the PEPE price chart reflects the power of the bear’s hand, while the Aroon up (yellow) reaches 21.43%, reflecting the bull’s weakening strength. Since selling pressure is intense, these Aroon readings indicate that the negative trend controls the market hence the need for traders to be cautious and consider shorting positions.
A stochastic RSI value of less than 20 indicates oversold conditions, while a reading of 0.00 suggests an even more severe oversold position. This indicates that selling pressure has been significant, and the price may have dropped too rapidly.
In line with this notion, the stochastic RSI value of 1.33 in the PEPE/USD market indicates a profoundly oversold state. This movement indicates that the negative momentum has reached its extreme and that there is a possibility of a reversal or a brief stop in the downward price trend.
With a rate of change rating of -5.87, the negative trend in the PEPE market shows no signs of abating. However, since it is oversold, current market circumstances may enable buyers to get in at a reduced price.
In conclusion, PEPE’s bearish dominance persists, but oversold conditions may spark a short-term rebound, offering buying opportunities at a discounted price.
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Source: https://coinedition.com/pepe-hits-7-day-low-as-bears-rule-oversold-conditions-signal-recovery/