Recent trading activities have indicated that PEPE is facing increasing selling pressure, leading to a dip below the critical support level of $0.00000766. This downward movement has shifted market sentiment towards a bearish outlook, with concerns rising among traders about the possibility of deeper losses. The break below the key level has highlighted the control that bears are gaining over the price of PEPE, signaling a potential further decline towards the $0.00000589 support level.
Examining the technical indicators, it is evident that PEPE’s price is exhibiting active bearish behavior, trading below the 100-day Simple Moving Average (SMA) in the 4-hour timeframe. The sustained price action below this key moving average indicates that bearish momentum is dominant in the market, potentially extending the downward trend further if the price continues to struggle below the critical resistance level. The Relative Strength Index (RSI) further supports the bearish outlook, with the signal line falling below 50% and trending around 37%, highlighting the strength of bearish pressure.
In the past 24 hours, PEPE has experienced a decline of 3.51%, reaching approximately $0.00000724. The market capitalization of PEPE currently stands at over $3 billion, with a trading volume exceeding $652 million. These figures demonstrate a decrease in market cap and trading volume by 3.62% and 0.26% respectively. The formation of the 1-day RSI suggests that PEPE could continue its decline towards the $0.00000589 support level, with the signal line hovering around 35% after failing to break above 50%.
If PEPE fails to rebound from the $0.00000589 support level, it could indicate a further bearish movement, potentially driving the asset downwards towards the $0.00000566 support level or even lower. However, a decisive break above the $0.00000589 level could signal a reversal of the bearish trend, allowing PEPE to retrace towards its previous high of $0.00001152. Breaking above this level could pave the way for further upward momentum, targeting the $0.00001313 resistance range and potentially higher levels.
The recent price action of PEPE falling below a critical support level has raised concerns among traders about the potential for deeper losses. The technical analysis points towards a bearish outlook, with indicators suggesting a continuation of the downward trend towards lower support levels. However, a decisive rebound from the current support level could indicate a reversal of the bearish momentum, leading to a potential upward movement in the price of PEPE. Traders will need to closely monitor these key levels and indicators to assess the future direction of PEPE’s price movement.
