Pepecoin (PEPE) has experienced a challenging week in the cryptocurrency market, with a significant decline of 13% since Sunday. This decline coincides with a difficult point in PEPE’s technical structure, as it has been facing resistance from the 20-day moving average (20DMA) since July 16.
Currently, Pepecoin is trading at $0.00000123, reflecting a 24-hour change of -1.6%. The resistance from the 20DMA has been the main driver of price movements for the past 16 days, causing concern among PEPE holders.
The previous time Pepecoin lost support from the 20DMA, it struggled under resistance for over a month. This highlights the significant downside risk that currently underlies the price action of PEPE. Despite this, there are some positive indicators for Pepecoin. The Relative Strength Index (RSI) has cooled off from its recent decline and is now indicating an oversold signal at 34.53. This suggests that the downside movement may be coming to an end and a potential upward trend could soon follow. However, the Moving Average Convergence Divergence (MACD) still shows minor bearish divergence, with a signal of -0.000000003, indicating that the downtrend may continue in the short term.
With limited upside potential due to resistance from the 20DMA at $0.0000015 (+22.95%), Pepecoin faces a challenging risk-reward profile. On the downside, lower support can be found at $0.0000009 (-26.25%), leaving Pepecoin with a risk-reward ratio of 0.88.
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Please note that investing in cryptocurrencies carries a high level of risk, and this article does not constitute investment advice.