$PEPE (4H & 30M)
PEPE has turned bearish after breaking below the trendline.
If the price gets rejected from the gray zone, it may head toward my target. Otherwise, it could drop further to retest the previous two lower lows (LL).
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🐸 PEPE Coin Faces Bearish Pressure Amid Trendline Break
PEPE Coin has recently exhibited bearish tendencies, breaking below its ascending trendline—a key technical support level. This breach suggests a potential shift in market sentiment, with the price now testing a crucial gray resistance zone. Should the price face rejection at this level, it may continue its downward trajectory, potentially revisiting previous lower lows (LL). Conversely, a successful breach above this zone could indicate a bullish reversal.
Technical Indicators Signal Potential Downside
The current market dynamics for PEPE Coin are influenced by several bearish indicators:
- Bearish Patterns: The formation of bearish flag patterns on the daily chart suggests a continuation of the downtrend.
- Declining Holder Activity*: A noticeable decrease in active addresses and major holders indicates waning investor interest.
- Whale Sell-Offs: Significant sell-offs by large holders have been observed, adding to the selling pressure.
Key Levels to Monitor- Resistance: A critical resistance level lies. A break above this could invalidate the bearish outlook and signal potential for upward movement.
- Support: If the price fails to hold above the current support, it may decline to the next support zone , representing a significant drop.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.
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