PEPE lost all its near-term bullish edge after it recently declined below its 20-day and 50-day EMAs after reversing from the $0.0000127...
PEPE’s bearish trend continued as it fell below the 20-day and 50-day EMAs, but near-term volatility could offer some opportunitiesThe memecoin market’s sentiment improved as its total market cap surged by 10% to over $42 billion over the past 24 hours. Additionally, the Crypto Fear & Greed Index showed a ‘neutral’ reading after hovering in the fear zone for a long time.
Here, it’s worth noting that PEPE recently saw an expected breakout from its descending channel, one that helped the buyers retest the $0.0000127 resistance in mid-July. The buyers would now aim to provoke a near-term uptrend. Alas, the $0.0000087 resistance could pose near-term hurdles. Should PEPE find a close above this level, bulls would aim to retest the $0.0000127 in the coming sessions.
The Relative Strength Index continued to show a bearish edge but was on an uptrend after dipping into the oversold zone. A likely close above the 50-level can affirm the ease of selling pressure.
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