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 firmly in control, pushing the token closer to this key threshold. The question remains whether the bulls can step in to defend this level or if PEPE is set for further declines.
On the 4-hour chart, PEPE is attempting to move upward but has maintained its downward trajectory after breaking below the $0.00000766 level and trading under the 100-day Simple Moving Average (SMA). The asset is moving closer to the $0.00000589 support level, with negative market sentiment persisting. The Relative Strength Index (RSI) on the 4-hour chart is currently at 31%, indicating that PEPE is in the oversold zone, potentially hinting at a short-term rebound or consolidation.
On the daily chart, PEPE has shown significant bearish momentum since breaking below the $0.00000766 level and trading under the 100-day SMA. The cryptocurrency is currently attempting an upward move, but the rebound could be short-lived due to prevailing bearish sentiment. The RSI on the 1-day chart is currently at 36%, trending below the 50% threshold, indicating that PEPE remains under bearish pressure.
The current bearish trend, accompanied by negative momentum indicators, suggests that bears could drive PEPE’s price towards the $0.00000589 support level. If this support is broken, it could trigger further bearish action, potentially pushing the asset down to the $0.00000398 support level and possibly lower. However, if PEPE bounces back at the $0.00000589 support, it could retrace towards the resistance level at $0.00000766.
PEPE is currently facing strong bearish pressure, with the potential for further declines looming ahead. The bulls will need to step in quickly to defend the $0.00000589 support level to prevent a downward spiral. Traders and investors should closely monitor key technical indicators and market dynamics to gauge the potential future outlook for PEPE in the volatile cryptocurrency market.
