- Bears tighten grip on PEPE as bulls struggle to breach resistance.
- PEPE’s indicators hint at a potential rebound, attracting oversold buyers.
Pepe (PEPE) token holders can now quickly move their tokens across the Ethereum, BNB, and Arbitrum networks thanks to a new bridge announced by LayerZero Labs. The new bridge gives endless options for Pepe fans, allowing them to explore other ecosystems.
Despite the historical development, Pepe bulls faced a hard struggle as bears reinforced their grasp. At the time of writing, PEPE has dropped 3.21%, to $0.000001522, after failing to break through the 24-hour high of $0.000001632.
The next level of resistance for the bulls is at $0.0000017 if they can break the current 24-hour high of $0.000001632. However, if bears maintain control of the market and the $0.000001514 level of support is broken, the next level is at $0.0000014.
During the correction, PEPE’s market capitalization and 24-hour trading volume fell by 5.29% and 27.57%, respectively, to $593,674,363 and $235,194,776.
The Keltner Channel bands on the PEPE 4-hour price chart are trending lower, indicating market selling pressure is growing.
The top, middle, and lower bands are placed at $0.00000167, $0.00000157, and $0.00000146, respectively. As the price movement goes away from the lower band, forming a green candlestick towards the ATR line, it signals that the drop might be a possible buying opportunity.
The PEPE negative momentum is fading, with a Money Flow Index (MFI) rating of 38.85. This movement signals that a reversal is coming since the market is oversold, which might attract buyers hoping to capitalize on the expected rebound.
The Relative Strength Index (RSI) value of 38.82 also suggests a market reversal. Investors identify the potential for long-term profits when the MFI and RSI ratings indicate oversold circumstances. This is because oversold situations often result in a price comeback as buyers rush in to take advantage of discounted PEPE.
In conclusion, as Pepe (PEPE) unlocks new horizons with the cross-network bridge, bears may have their moment, but Pepe’s resilient community eagerly awaits a bullish revival.
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