PEPE is currently facing intense bearish pressure, with its price trending downward towards a critical support level at $0.00000589. Recent market actions have shown that sellers are dominating, pushing the token closer to this key threshold. The big question now is whether the bulls can mount a defense to prevent further declines or if PEPE is set for more losses.
On the 4-hour chart, PEPE is trying to move upward but has maintained its downward trajectory after breaking below the $0.00000766 level. It is currently trading below the 100-day Simple Moving Average (SMA) and moving closer to the critical $0.00000589 support level. The Relative Strength Index (RSI) on the 4-hour chart is at 31%, indicating that PEPE is in the oversold zone, potentially signaling a short-term rebound or consolidation.
On the daily chart, PEPE has shown significant bearish momentum since breaking below the $0.00000766 level. Despite attempting an upward move, the prevailing bearish sentiment continues to exert pressure on the price. The RSI signal line on the 1-day chart is at 36%, trending below the 50% threshold, indicating continued bearish pressure with the potential for further downward movement.
The current bearish trend, supported by negative momentum indicators, suggests that PEPE could be pushed down to the $0.00000589 support level. If this support is broken, it could trigger more bearish action, potentially pushing the asset lower. However, if PEPE bounces back at the critical support level, it could retrace towards the resistance at $0.00000766. Breaking above this resistance level could signal further upward movement, possibly targeting the $0.00001152 resistance range and beyond.
Overall, PEPE is currently facing strong bearish pressure, with sellers dominating the market. The bulls need to step in to defend the critical support level at $0.00000589 to prevent further declines. Technical analysis suggests that a short-term rebound or consolidation could be possible, but the overall bearish sentiment continues to weigh on PEPE’s price. Traders and investors should closely monitor the price action and key support/resistance levels to gauge the future direction of the cryptocurrency.
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