Pepecoin (PEPE) has experienced a challenging week in the cryptocurrency market, with a series of downside movements causing a 13% decrease since Sunday. The technical structure of PEPE has been struggling under the weight of local resistance from the 20DMA since July 16. Currently, Pepecoin is trading at $0.00000123, with a 24-hour change of -1.6%. This prolonged resistance and downward trend over the past nine days have created a sense of fear and anxiety among PEPE investors. Previous instances of losing support from the 20DMA have resulted in price action being restricted for more than a month, highlighting the substantial downside risk associated with the current situation. Although PEPE’s trendlines are showing a bearish pendant pattern, there is some hope to be found in the indicators. The RSI has cooled off significantly, indicating an oversold signal at 34.53. This suggests that the downward moves may soon come to an end, potentially paving the way for an upward push. However, the MACD is still displaying minor bearish divergence, with -0.000000003 signaling a possible continuation of the downtrend in the short-term. With limited upside potential due to resistance from the 20DMA and lower support at $0.0000009 on the downside, Pepecoin faces a challenging risk-reward profile, with a ratio of 0.88.
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