The PEPE price is experiencing renewed bearish momentum after failing to maintain its upward trajectory. Crypto analyst Alan Santana warns that if bulls fail to support the price, the PEPE price might continue to decline. A further drop could bring it back to levels not seen since early 2024.
Santana highlights rising bearish volume and a break below the MA200 as major bearish signals, complicating the situation for PEPE. The price has dropped to the 0.618 Fibonacci retracement level, indicating potential further decline to the 0.786 level.
If PEPE tests and breaks below the 0.786 Fibonacci retracement level, a large crash is likely, threatening a crash of over 50% from its current level. Support levels at $0.00007 and above $0.000004 could halt the decline.
However, if the bulls manage to hold the current level, PEPE could experience a resurgence, possibly moving back above $0.00001. The current situation remains critical, necessitating close monitoring.
