bullish

PEPE

<a href="https://www.newsbtc.com/news/company/pepe-coin-prediction-future-trends-and-3-must-buy-meme-coins-for-june/" target="_blank" rel="noopener ">PEPE</a>, one of the top meme coins in the crypto space, is currently at a crucial point as it approaches its long-standing bullish trend line. As the price draws near the bullish trend line, a break below it could signal a major shift in market sentiment, triggering a price draw down to the $0.00000766 mark. 
This article provides an in-depth analysis of the current price action, focusing on the bullish trend line. It examines whether a potential break below this line could drive the price to the critical support level at $0.00000766 or if a potential reversal is on the horizon.&nbsp; 
As of the time of writing, PEPE’s price has dropped by 5.10%, trading at approximately $0.00001005 in the past 24 hours. PEPE boasts a <a href="https://www.newsbtc.com/press-releases/pepe-coins-market-cap-hits-5-billion-mpeppe-mpepe-presale-set-for-2000-growth/" target="_blank" rel="noopener ">market capitalization</a> exceeding $4.2 billion and a trading volume surpassing $821 million. The asset’s market cap has decreased by 5.32%, while its trading volume has increased by 35.01% in the past 24 hours. 
<h2 id="strong-technical-analysis-current-market-sentiment-for-pepe-strong">Technical Analysis: Current Market Sentiment For PEPE</h2> 
On the 4-hour chart, PEPE has demonstrated significant bearish <a href="https://www.newsbtc.com/news/company/pepe-coin-price-prediction-will-pepe-uphold-its-momentum/" target="_blank" rel="noopener ">momentum</a>, with the price dropping below the 100-day Simple Moving Average (SMA) and the $0.00001152 support mark, signaling a potential bearish move toward the bullish trend line. A successful breach below this trend line could signal the start of a bearish trend for the cryptocurrency, potentially driving the price down to the next key support level at $0.00000766. 
<img loading="lazy" decoding="async" class="size-large wp-image-632833" src="https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-11.37.29-AM.jpeg?w=860&amp;resize=860%2C382" alt="PEPE" width="860" height="382" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-11.37.29-AM.jpeg?w=1080 1080w, https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-11.37.29-AM.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-11.37.29-AM.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-11.37.29-AM.jpeg?w=860&amp;resize=860%2C382 860w, https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-11.37.29-AM.jpeg?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Additionally, on the 4-hour chart, the Relative Strength Index (RSI) signal line has dropped below 50% and is approaching 30%, which is considered the oversold zone. This movement indicates increasing bearish momentum and suggests that selling pressure is intensifying. 
Technical analysis on the 1-day chart reveals that, following the rejection at $0.00001313, PEPE has been on a bearish trajectory toward the <a href="https://www.newsbtc.com/news/company/pepe-coin-pepe-is-on-the-rise-again-alex-the-doge-alex-is-bullish-with-their-approach-to-gamefi/" target="_blank" rel="noopener ">bullish</a> trend line, marked by the formation of multiple bearish candlesticks. Furthermore, the crypto asset’s price is trading below the 100-day SMA, suggesting a bearish market sentiment. 
<img loading="lazy" decoding="async" class="size-large wp-image-632834" src="https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-11.37.29-AM-1.jpeg?w=860&amp;resize=860%2C382" alt="PEPE" width="860" height="382" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-11.37.29-AM-1.jpeg?w=1080 1080w, https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-11.37.29-AM-1.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-11.37.29-AM-1.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-11.37.29-AM-1.jpeg?w=860&amp;resize=860%2C382 860w, https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-02-at-11.37.29-AM-1.jpeg?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
The signal line of the 1-day RSI indicator has recently dropped below 50% and is moving toward the oversold zone, suggesting that the digital asset may continue its bearish trajectory below the 100-day SMA toward the bullish trend line. 
<h2 id="strong-navigating-potential-breakdowns-and-bounces-at-the-trend-line-strong">Navigating Potential Breakdowns And Bounces At The Trend Line</h2> 
PEPE is currently on a bearish path while approaching its long-standing bullish trend line. A successful break below this trend line could indicate the beginning of a bearish trend, potentially driving the asset toward the $0.00000766 support level and beyond. 
However, if PEPE <a href="https://www.newsbtc.com/news/can-pepe-coin-bounce-back-insights-on-its-future-post-critical-support-drop/" target="_blank" rel="noopener ">bounces back</a> at the bullish trend line, it could retrace towards its previous high of $0.00001152. Should the crypto asset break above this level, it could signal a further upward movement, possibly targeting the $0.00001313 resistance range and other higher levels. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/IjwS2ISH/" alt="PEPE" width="2283" height="1351">

PEPE Bullish Trend Line Under Threat: $0.00000766 Level On Sight?

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