$PEPE

PEPEUSDT's current market trend appears to be bearish, with some analysts predicting further correction. Here's a breakdown :

- *Recent Price Movement*: PEPE's price has declined over 20% since Saturday and trades below $0.000015. The current price is around $0.00001294, with a 2.17% increase in the last 24 hours.

- *Technical Indicators*: Momentum indicators show signs of weakness, with the Relative Strength Index (RSI) reading 38, below its neutral level of 50, and pointing downwards, indicating strong bearish momentum. The Moving Average Convergence Divergence (MACD) indicator also shows a bearish crossover.

- *On-chain Data*: PEPE's long-to-short ratio is below one, reflecting bearish sentiment, and daily active addresses are falling, indicating decreasing demand for the network.

- *Support and Resistance Levels*: Key resistance levels are around $0.00001330-$0.00001392, and $0.0000116 is a potential target for a local top if a bounce occurs. A drop below $0.000015 could lead to a 14% decline, retesting the daily support level at $0.000013.

Some analysts predict a potential bounce due to:

- *Bullish Divergence*: The daily RSI and MACD have generated bullish divergences, supporting a potential breakout from the descending wedge and a relief rally.

- *Descending Wedge Breakout*: A breakout from this pattern could lead to a corrective upward movement, validating previous long-term support levels as resistance.

Keep in mind that cryptocurrency markets are highly volatile, and prices can fluctuate rapidly. It's essential to stay updated on market trends and adjust strategies accordingly.