Recent trading activities reveal that PEPE is under mounting selling pressure as its price falls below the critical $0.00000766 support level. This dip signals a further bearish move, with bears gaining control and eyeing further downside towards the $0.00000589. The break below this key level raises concerns among traders, as the possibility of deeper losses becomes increasingly likely.
As momentum turns negative, this article examines the implications of PEPE’s price slipping below a critical support level. It delves into how this breakdown impacts market sentiment and, with the help of key indicators, evaluates the likelihood of further declines. In the past 24 hours, PEPE has declined by 3.51%, reaching approximately $0.00000724. Its market capitalization stands at over $3 billion, with a trading volume exceeding $652 million.
PEPE’s price is exhibiting active bearish behavior, trading below the 100-day Simple Moving Average (SMA) in the 4-hour timeframe. This sustained price action under a key moving average suggests that bearish momentum is firmly in control. Additionally, the Relative Strength Index (RSI) indicates that PEPE could continue its decline toward the $0.00000589 support level. The RSI signal line has fallen below 50%, now trending around 37%, suggesting strong bearish pressure.
On the 1-day, PEPE remains below the 100-day SMA and the trendline, indicating a bearish move toward the $0.00000589 support level. The 1-day RSI formation suggests PEPE is at greater risk of extending its decline; the signal line is currently hovering around 35% after failing to break above 50%, setting the stage for another drop toward the oversold zone.
Ongoing bearish pressure could push PEPE’s price down to the next support level at $0.00000589. A decisive break below this support could signal further bearish movement, potentially driving the asset toward the $0.00000566 support level and possibly even lower. However, if PEPE rebounds from the $0.00000589 level, it could retrace toward its previous high of $0.00001152, potentially targeting the $0.00001313 resistance range and other higher levels.
