- Pepecoin (PEPE), like most cryptocurrencies, faces a deepening correction trend, recently falling below the $0.00000096 support level, raising concerns over a potential further decline.
- The coin’s current trajectory is dictated by a downward sloping trendline, with the $0.000000842 mark serving as a crucial accumulation zone.
As the crypto market continues to reel under heightened selling pressure, Pepecoin (PEPE), like its peers, is trapped in a sustained correction trend. This persistent slump is creating new lower lows and lower highs, hallmarks of an entrenched downtrend. The PEPE price recently slipped beneath another local support at $0.00000096, a signal that this memecoin could be primed for additional decline.
The Pepecoin price trend remains constrained by a descending trendline that presently presides over its continual downfall. Amidst this downturn, the $0.000000842 level emerges as a crucial accumulation zone, potentially acting as a bastion against further price erosion. The 24-hour trading volume in Pepecoin stands at $126.5 million, reflecting a substantial 43.5% loss, underscoring the heavy selling pressure currently enveloping the coin.
On June 10th, Pepecoin witnessed a decisive breakdown, dropping below the $0.000000963 support level. At the time of writing, the coin trades at $0.0000009138, wavering below the breached support level while attempting to establish a solid resistance.
This breakdown could potentially lead to an approximately 9% price slump, reaching the multi-month support level of $0.000000842. Interestingly, Pepecoin displayed a strong rejection at the $0.000000842 support level on June 10th. This elongated wick hints at an active accumulation of the coin at this support, suggesting that buyers are eager to maintain this level.
If Pepecoin successfully hovers above this support, it could potentially signal a reversal, providing the buyers an opportunity to challenge the persistent overhead trend. This resistance, marked by the descending trendline, has been a consistent force driving the PEPE price decline over the last three weeks.
However, as long as this trendline holds, Pepecoin may face a harsh downturn. As always, the fate of this memecoin, much like the broader crypto market, remains tethered to the balance of buying and selling pressure, an intricate dance of market forces that continues to unfold.
