PEPE Bulls Losing Steam? Fatigue Appears To Undermine Price Rally

Christian Encila

Last Updated: July 8, 2023 7:40 am

3 mins read

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PEPE, once riding the waves of a bullish surge, finds itself in a precarious position as the price correction of Bitcoin (BTC)] reverberates across the market.

Over the past 24 hours, the signs of exhaustion have become increasingly apparent, casting a shadow of doubt on PEPE’s recent gains.

The critical resistance hurdle at $0.00000172 looms large, presenting an insurmountable challenge for the bullish forces that once propelled PEPE’s ascent.

As the crypto realm holds its breath, all eyes are fixed on the fate of this whimsical digital asset, wondering if it can break free from the grip of resistance and soar to new heights.

PEPE Faces Bearish Pressure As Prices Experience A Slump

PEPE’s price on CoinGecko currently stands at $0.00000157. Over the course of the past seven days, PEPE has experienced a slight decline of 2.5%. These recent figures have raised concerns among investors and analysts alike, as PEPE’s bullish momentum appears to be waning.

Source: Coingecko

For the past three weeks, PEPE had been enjoying a bullish fervor, displaying impressive price surges. The trend even persisted through the first week of July, as PEPE managed to break past the critical resistance level at $0.00000172.

Source: PEPE/USDT on TradingView

However, this triumph proved to be short-lived as declining trading volumes paved the way for bearish forces to seize control, putting a halt to the buying pressure.

A PEPE price report further confirmed the recent weakening in PEPE’s performance. The Moving Average Convergence Divergence (MACD) recently displayed a bearish crossover, with a series of red bars appearing below the zero level. This signal indicates a potential shift in momentum towards the bearish side.

Seeking A Rebound: PEPE’s Future Prospects

While Bitcoin’s current correction has undoubtedly influenced PEPE’s recent performance, it is important to remember that the cryptocurrency market is highly dynamic and subject to rapid changes. As Bitcoin stabilizes or regains momentum, it can inject renewed optimism and buying pressure into the market, potentially benefiting tokens like PEPE.

PEPE seven-day price performance. Source: Coingecko.

Furthermore, PEPE’s fate also depends on its own fundamentals and developments within its ecosystem. Positive news, partnerships, or adoption initiatives specific to PEPE can have a considerable impact on its price trajectory, even in the face of a broader influence of Bitcoin.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from The Guardian

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.