Assessing PEPE Market Conditions
PEPE dropped sharply after a breakthrough to retest key support levels. This retest will decide if the cryptocurrency can maintain its upward momentum or struggle to keep above this level.
This article analyses PEPE's recent price behavior as it descends to retest $0.00000766 after a breakthrough. It will assess if this support level can hold and recover, perhaps resuming its upward trend, and choose its next move.
Assessing PEPE Market Conditions
The 4-hour chart shows PEPE trading above the 100-day Simple Moving Average (SMA), suggesting a favorable trend. However, negative momentum might push the crypto currency down under $0.00000766 for a vital retest.
On the 4-hour chart, the RSI signal line is 66%, falling from the overbought zone to 50%. This fall implies pessimism, increasing the possibility of PEPE touching $0.00000766.
PEPE is falling near the $0.00000766 support level and the 100-day SMA on the 4-hour chart. Recent strong market mood implies that this short-term slump may be brief and may return soon.
Finally, the 1-day RSI signal line, which reached 51%, is falling toward 50%. The RSI decrease suggests rising momentum is fading, suggesting a price regression to the support level for further review.
PEPE's Support Test: Can $0.00000766 Last?
If $0.00000766 resists selling pressure, it may recover and continue the upward trend reaching $0.00001152, the next resistance. A break of this resistance level might imply a stronger bullish move, allowing prices to rise further.
However, if $0.00000766 fails as support, more drops toward $0.00000589 may occur. PEPE may challenge $0.00000398 and beyond if it falls below this level.
