This Meme Coin Faces a Challenge: Bear or Bull!

Pepe (PEPE) token holders can now quickly transfer their tokens between Ethereum, BNB and Arbitrum networks thanks to a new bridge announced by LayerZero Labs. able to carry. The new bridge provides endless options for Pepe fans, allowing them to explore other ecosystems.

Despite the historic development, Pepe bulls faced a tough challenge as bears consolidated their dominance. At the time of this writing, PEPE failed to break the 24-hour high of $0.000001632. It then fell 3.21% to $0.000001522.

The next level of resistance for the bulls is $0.0000017 if they can break the current 24-hour high of $0.000001632. However, if the bears are in control of the market and the $0.000001514 support level is broken, the next level is at $0.0000014.

During the correction, the value of PEPE and 24-hour trading volume fell by 5.29% and 27.57%, respectively. Therefore, it declined to $593,674,363 and $235,194,776.

Pepe

Technical analysis

The Keltner Channel bands on the PEPE 4-hours price chart are showing a bearish trend. This shows that the market selling pressure is increasing.

The upper, middle and lower bands are located at $0.00000167, $0.00000157 and $0.00000146, respectively. Price action is moving away from the lower band, forming a green candlestick towards the ATR line. This indicates that the decline may be a possible buying opportunity.

PEPE’s negative momentum is waning and its Money Flow Index (MFI) is at 38.85. This move signals that a reversal is imminent as the market is oversold. This, too, is likely to attract buyers hoping to take advantage of the expected recovery.

The Relative Strength Index (RSI) value of 38.82 also indicates that the market will reverse. Traders identify long-term profit potential when MFI and RSI values ​​indicate oversold conditions. This is because oversold situations often result in a price reversal as buyers rush to take advantage of discounted PEPE.

It may be time for the bears, as Pepe (PEPE) unlocks new horizons with his mesh bridge. But Pepe’s resilient community is looking forward to the resurgence of the rise.


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