{"id":325668,"date":"2023-07-08T00:00:17","date_gmt":"2023-07-07T18:30:17","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=325668"},"modified":"2023-07-07T14:12:59","modified_gmt":"2023-07-07T08:42:59","slug":"pepe-exhaustion-creeps-up-on-bulls","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/pepe-exhaustion-creeps-up-on-bulls\/","title":{"rendered":"PEPE: Exhaustion creeps up on bulls?"},"content":{"rendered":"<p><i data-stringify-type=\"italic\">Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/i><\/p>\n<ul>\n<li><em>Bullish momentum stalled at critical resistance level.<\/em><\/li>\n<li><em>Longs experienced severe losses in the futures market.<\/em><\/li>\n<\/ul>\n<p>Pepe&#8217;s [PEPE] 27% surge on 3 July past the local high of $0.00000172 came crashing down as quickly as it started. Price dipped under the key level on 5 July and a retest of the level saw more downward movement.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here\u2019s <a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\">PEPE\u2019s market cap in BTC&#8217;s terms<\/a><\/p>\n<hr \/>\n<p>With Bitcoin [BTC] experiencing a price correction over the past 24 hours, the signals point to an exhaustion of the bullish momentum that led to PEPE\u2019s recent gains.<\/p>\n<h4><strong>Bulls can\u2019t get past the $0.00000172 hurdle<\/strong><\/h4>\n<figure id=\"attachment_325685\" aria-describedby=\"caption-attachment-325685\" style=\"width: 1930px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/PEPEUSDT_2023-07-07_07-08-40.png\"><img decoding=\"async\" class=\"size-full wp-image-325685\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/PEPEUSDT_2023-07-07_07-08-40.png\" alt=\"PEPE price chart on dark background with green and red price bars\" width=\"1930\" height=\"1084\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/PEPEUSDT_2023-07-07_07-08-40.png 1930w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/PEPEUSDT_2023-07-07_07-08-40-300x168.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/PEPEUSDT_2023-07-07_07-08-40-1024x575.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/PEPEUSDT_2023-07-07_07-08-40-768x431.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/PEPEUSDT_2023-07-07_07-08-40-1536x863.png 1536w\" sizes=\"(max-width: 1930px) 100vw, 1930px\" \/><\/a><figcaption id=\"caption-attachment-325685\" class=\"wp-caption-text\">Source: PEPE\/USDT on Trading View<\/figcaption><\/figure>\n<p>PEPE has been on a bullish roll over the past three weeks. First, it recorded gains of 95% within a three-day period to rally to a June high of $0.00000179. The price rejection at this resistance level dampened the bullish momentum and led to some sideways price movement.<\/p>\n<p>However, bulls rallied strongly again between 2 July and 3 July to register gains of 27% and push past the $0.00000172 resistance. However, the gains were short-lived, as declining volumes gave bears an opportunity to halt the buying pressure.<\/p>\n<p>A 19% dip over the past 48 hours saw PEPE trading at $0.00000156, as of press time.<\/p>\n<p>The on-chart indicators echoed the short-term bearish sentiment. The Relative Strength Indicator (RSI) has been on a dip since 4 July and went below the neutral 50 mark, as of the time of writing.<\/p>\n<p>Similarly, the Moving Average Convergence Divergence (MACD) posted a bearish crossover with a series of red bars below the zero level. Together, it hinted at a strong bearish move that could take PEPE back to the $0.00000134 or $0.00000123 support levels.<\/p>\n<h4><strong>Longs caught out by price rejection<\/strong><\/h4>\n<figure id=\"attachment_325686\" aria-describedby=\"caption-attachment-325686\" style=\"width: 908px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/PEPE_liquidation.png\"><img decoding=\"async\" class=\"size-full wp-image-325686\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/PEPE_liquidation.png\" alt=\"\" width=\"908\" height=\"516\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/PEPE_liquidation.png 908w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/PEPE_liquidation-300x170.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/PEPE_liquidation-768x436.png 768w\" sizes=\"(max-width: 908px) 100vw, 908px\" \/><\/a><figcaption id=\"caption-attachment-325686\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">How much are\u00a01,10,100 PEPEs worth today?<\/p>\n<hr \/>\n<p>PEPE longs suffered significant damage in the futures market over the past 12 hours, according to <a href=\"https:\/\/www.coinglass.com\/LiquidationData\" target=\"_blank\" rel=\"noopener\">Coinglass<\/a>. $542.68k worth of long positions were liquidated, accounting for 88.5% of the total liquidations within that period.<\/p>\n<p>Shorts seized the initiative and took a 52.53% advantage of the exchange long\/short ratio. As such, the connection between the price action and futures market points to a bearish PEPE in the short term.<\/p>\n<figure id=\"attachment_325687\" aria-describedby=\"caption-attachment-325687\" style=\"width: 1015px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/PEPE_Long_Short.jpg\"><img decoding=\"async\" class=\"size-full wp-image-325687\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/PEPE_Long_Short.jpg\" alt=\"\" width=\"1015\" height=\"461\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/PEPE_Long_Short.jpg 1015w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/PEPE_Long_Short-300x136.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/PEPE_Long_Short-768x349.jpg 768w\" sizes=\"(max-width: 1015px) 100vw, 1015px\" \/><\/a><figcaption id=\"caption-attachment-325687\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.coinglass.com\/LongShortRatio\" target=\"_blank\" rel=\"noopener\">Coinglass<\/a><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Critical resistance hurdle at $0.00000172 proves too difficult for bulls to overcome. <\/p>\n","protected":false},"author":70,"featured_media":325688,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,23,4,20],"tags":[],"class_list":["post-325668","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-no-home","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>PEPE: Exhaustion creeps up on bulls? 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