- PEPE holders rejoice as new bridge unlocks cross-network token transfers.
- Bears tighten grip on PEPE as bulls struggle to breach resistance.
- PEPE’s indicators hint at a potential rebound, attracting oversold buyers.
Pepe (PEPE) token holders can now quickly move their tokens across the Ethereum, BNB, and Arbitrum networks thanks to a new bridge announced by LayerZero Labs. The new bridge gives endless options for Pepe fans, allowing them to explore other ecosystems.
Despite the historical development, Pepe bulls faced a hard struggle as bears reinforced their grasp. At the time of writing, PEPE has dropped 3.21%, to $0.000001522, after failing to break through the 24-hour high of $0.000001632.
The next level of resistance for the bulls is at $0.0000017 if they can break the current 24-hour high of $0.000001632. However, if bears maintain control of the market and the $0.000001514 level of support is broken, the next level is at $0.0000014.
During the correction, PEPE’s market capitalization and 24-hour trading volume fell by 5.29% and 27.57%, respectively, to $593,674,363 and $235,194,776.
Technical Analysis
The Keltner Channel bands on the PEPE 4-hour price chart are trending lower, indicating market selling pressure is growing.
The top, middle, and lower bands are placed at $0.00000167, $0.00000157, and $0.00000146, respectively. As the price movement goes away from the lower band, forming a green candlestick towards the ATR line, it signals that the drop might be a possible buying opportunity.
The PEPE negative momentum is fading, with a Money Flow Index (MFI) rating of 38.85. This movement signals that a reversal is coming since the market is oversold, which might attract buyers hoping to capitalize on the expected rebound.
The Relative Strength Index (RSI) value of 38.82 also suggests a market reversal. Investors identify the potential for long-term profits when the MFI and RSI ratings indicate oversold circumstances. This is because oversold situations often result in a price comeback as buyers rush in to take advantage of discounted PEPE.
In conclusion, as Pepe (PEPE) unlocks new horizons with the cross-network bridge, bears may have their moment, but Pepe’s resilient community eagerly awaits a bullish revival.
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Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
