on the meme coin was hefty and technical analysis showed that the downtrend was not likely to let up anytime soon. The coin lacked momentum over the past week, but there was a high probability of further PEPE losses in September.Source: PEPE/USDT on TradingView
The price action since 14 August showed that PEPE has descended lower on the charts. The market structure on the 4-hour chart flipped bearishly on 15 August. During that time the meme coin saw a sharp downturn. This move southward was used to plot a set of Fibonacci retracement and extension levels . They revealed that the 23.6% and 50% extension levels sat at $0.00000062 and $0.00000044. These support levels were 6.7% and 33.7% lower on the chart than the price of PEPE at press time.
The market structure has remained bearish in the past month, and the RSI agreed with this finding. It was unable to climb past neutral 50 since 15 August, reinforcing the idea of a downtrend. The OBV has also steadily moved southward to highlight the lack of bullish conviction in the market.The 1-hour chart from Coinalyze highlighted the short-term range that PEPE has traded within over the past week. The range extended from $0.0000007 to $0.00000066.
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