While market sentiment is generally positive, several cryptocurrencies are currently lingering near local resistance levels, urging cautious traders to lock in gains.
PEPE's most recent price action has seen it fall below its 200-day Simple Moving Average (SMA), a commonly followed technical indicator used by traders to judge long-term trend strength. If the selling pressure persists, the next line of defense is the 50-day SMA, which is at $0.000001168. A decline below this level could indicate trouble for the frog-themed meme coin, since it risks "adding a zero" to its price, implying that a further slide could push the coin from the sixth decimal place to the seventh. If the price falls further from the daily SMA 50, PEPE may test support at $0.000001037, which is the June 5 low. If this support is lost, PEPE might return to its previous range, which spanned late January through early May.#INDIANstock