PEPE's price has recently struggled, slipping below the critical support level of $0.00001000, causing bearish sentiment to intensify. The Moving Average Convergence Divergence (MACD) indicator shows a growing bearish trend, suggesting possible further declines unless reversed.
Despite this, PEPE's Market Value to Realized Value (MVRV) ratio has entered an "opportunity zone", indicating appeal for accumulation at current prices. Historically, this MVRV range has marked potential reversal points, thanks to reduced selling pressure and increased buying activity.
The recent 15% downturn sees PEPE trading at a monthly low. If investors respond to the MVRV "buy" signal, PEPE could reclaim the support level of $0.00000839, signifying a potential recovery towards $0.00000999.
However, if buying momentum doesn't materialize, PEPE might face further declines, risking a dip below $0.00000800, which could indicate extended losses and jeopardize recovery prospects.
