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At the time of writing, BTC threatened to drop below $30k. However, the BTC price has been swinging between $29.5k and $31.5k for the past few days. If it breaches the $29.5k, PEPE could smash immediate lower supports.PEPE graced a new high of $0.00000190 amidst massive ETF-induced hype around BTC. However, the ETF-hype has since dissipated, setting BTC into fluctuations. PEPE has been making lower highs in the same period after gracing $0.00000190 on 3 July.
The technical indicators also flashed sell signals. In particular, the Relative Strength Index made lower highs, denoting buying pressure declined in the past few days. In addition, the On Balance Volume eased while the Average Directional Index dropped below 20, showing demand eased and PEPE lacked a strong trend.
So, short-sellers could extend gains to lower support levels at $0.00000140 or $0.00000131. A further drop below $$0.00000130 could make a retest of $0.00000100 more likely. But if BTC secures the $29.5k support, PEPE’s rebound from the immediate support level could be likely.
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Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »