PEPE Declines to a Range Bound Zone as It Has the Potential to Increase – July 6, 2023
The cryptocurrency asset, PEPE, is currently experiencing selling pressure, but there is potential for it to increase in value. The bearish retracement is coming to an end, and if PEPE retraces above the moving average lines or the $0.0000017000 breakout mark, the uptrend will resume.
Main Breakdowns:
- Pepe price now – $0.000001668
- Pepe market cap – $653.6M
- Pepe circulating supply – 391.79T PEPE
- Pepe total supply – $704.01M
- Pepe Coinmarketcap ranking – #67
Resistance Levels: $0.0000019000, $0.0000020000, $0.0000021000
Support Levels: $0.0000015000, $0.0000014000, $0.0000013000
PEPE/USD has failed to break through the $0.0000019000 resistance level, indicating an overbought market zone. The altcoin’s price has dropped to the oversold region, suggesting a decrease in selling pressure. As the price goes below the breakout mark of $0.0000017000, PEPE will likely continue a sideways trend, ranging between $0.0000015000 and $0.0000017000.
PEPE/USD – 4 Hour Chart
PEPE/USD has the potential to rise in the positive trend zone after entering the oversold zone. Buyers are expected to emerge in the oversold region and cause the altcoin to increase. This will break the market’s sideways movement and resume the rising trend.
Alternatives to Pepe
After recovering above the $0.0000017000 support, PEPE will aim to break the $0.0000019000 resistance level and restart its upward momentum. In the meantime, PEPE’s competitors are also rising steadily. PEPE’s recovery and steady growth suggest positive prospects for the cryptocurrency asset.
Hot Take
Although PEPE is currently in a range-bound zone, there is potential for its value to increase. The market’s sideways movement is expected to be broken as PEPE resumes its upward trend. This presents an opportunity for investors to consider PEPE as a profitable investment option.
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