PEPE Bullish Trend Line Under Threat: $0.00000766 Level On Sight?

PEPE at a Critical Juncture: Approaching Bullish Trend Line

Background

PEPE, a prominent meme coin in the cryptocurrency market, is nearing a crucial point as it approaches its historical bullish trend line. A breach below this line could mark a significant shift in market sentiment, potentially leading to a price drop towards $0.00000766.

Technical Analysis: Bearish Signals

On the 4-hour chart, PEPE has exhibited bearish momentum, falling beneath the 100-day Simple Moving Average (SMA) and the $0.00001152 support level. A break below the bullish trend line could trigger a downward trend towards $0.00000766.

Additionally, the Relative Strength Index (RSI) on the 4-hour chart has dropped below 50% and is approaching 30%, indicating increasing selling pressure.

1-Day Chart: Reinforcement of Bearish Trend

On the 1-day chart, PEPE has maintained a bearish trajectory towards the bullish trend line, as evidenced by multiple bearish candlesticks. The price trades below the 100-day SMA, further supporting the bearish outlook.

The RSI indicator on the 1-day chart has also fallen below 50%, suggesting a continuation of the downtrend towards the bullish trend line.

Potential Breakouts and Retracements

PEPE's current bearish path implies a potential break below the bullish trend line, leading to a price decline towards $0.00000766.

However, if PEPE bounces back at the trend line, it could retrace towards $0.00001152. A break above this level could signal further upward movement, targeting the $0.00001313 resistance range.