PEPE is facing intense bearish pressure, with its price trending downward toward the critical support level at $0.00000589. The bears are firmly in control, but there is speculation on whether bulls can step in to defend this level. Recent market trends indicate a significant decrease of 6.47% in PEPE's price to approximately $0.000006683.
The 4-hour chart shows PEPE maintaining a downward trajectory, trading below the $0.00000766 level and the 100-day Simple Moving Average (SMA). The Relative Strength Index (RSI) at 31% indicates an oversold condition, suggesting strong selling pressure. Similarly, on the daily chart, bearish momentum prevails, with PEPE trading under the 100-day SMA and the RSI signal line at 36%.
The current bearish trend implies that PEPE could decline to the $0.00000589 support level. If this level is breached, further declines to $0.00000398 are conceivable. However, if bulls manage to defend the $0.00000589 support, PEPE could potentially retrace towards the $0.00000766 resistance level, targeting further upward movement if resistance is broken.
