PEPE Price Faces Rejection at Resistance, Approaches Key Support Level
PEPE's recent price rally has stalled, facing rejection at resistance and descending toward the key support level of $0.00001152. After a significant upward movement, increased selling pressure raises concerns about the sustainability of its bullish trend. The focus is now on whether the $0.00001152 level can support a rebound or if it will lead to further declines.
Resistance Strikes: What Halted Momentum Of PEPE?
PEPE's price has turned bearish on the 4-hour chart, retreating toward $0.00001152 and the 100-day Simple Moving Average (SMA) after encountering resistance at $0.00001313. This pullback indicates rising bearish pressure, potentially leading to a deeper correction for the cryptocurrency.
The 4-hour Relative Strength Index (RSI) has decreased from 77% to 60%, showing diminishing bullish momentum. As the RSI approaches neutral, buying pressure is declining, signaling that PEPE may be entering a correction phase with potential for further downward movement if the trend persists.
Despite trading above the 100-day SMA, the daily chart reveals increasing negative sentiment characterized by bearish candlesticks and a decline toward $0.00001152. If this support is not defended, additional declines are likely, making the 100-day SMA crucial for monitoring reversal or continued corrective movement.
On the 1-day chart, the RSI is falling from a peak of 69%, indicating a potential shift in momentum. As the RSI nears the overbought threshold of 70%, this suggests easing buying pressure and a possible loss of strength in the recent uptrend. A drop could indicate a pullback or consolidation, with PEPE potentially entering a correction phase before regaining upside pressure.
Can The $0.00001152 Level Hold As Support?
The market is evaluating its strength as PEPE approaches the critical support level of $0.00001152. This level is pivotal in determining if the current bearish momentum will persist or if the price can stabilize. If $0.00001152 holds, it may provide a base for a rebound, allowing bulls to regain control and resume upward movement.
Conversely, a breakdown below this level could lead to further declines, potentially pushing the price toward the $0.00000766 support range and lower levels.
