Price action breakdown: Can PEPE find support?
PEPE's recent price movement worry traders because positive momentum is diminishing. After rebounding, the token encountered firm resistance around $0.00000963, suggesting market sentiment may have changed.
With bulls struggling and selling pressure rising, PEPE may fall further, leaving investors wondering whether it can rebound or if further losses are ahead.
This article examines the token's weakening bullish momentum after failing to breach $0.00000963. By evaluating market patterns and technical signs, the goal is to identify rising negative risks and determine whether the meme coin will continue to fall or reverse.
On the 4-hour chart, PEPE has fallen below the 100-day SMA and approached $0.00000766, a key support level. This plunge below the 100-day SMA suggests weakness, and with sellers in charge, the cryptocurrency might lose further.
After a short climb to the 50% level, the 4-hour Relative Strength Index (RSI) signal line has dipped to 43%, indicating that buying pressure is decreasing as the RSI advances further into negative territory. An RSI below 50% indicates sellers are taking control, which might lower the price.
A bearish candlestick pattern shows that the meme currency is losing momentum on the daily chart, having found resistance around $0.00000963. With sellers in control, the meme currency is close to breaching below the 100-day SMA, a significant support level that may increase selling pressure and cause additional losses.
The 1-day chart reveals that the RSI signal line has dropped to 53% from 55%, indicating that purchasing pressure is waning. RSI being over 50% shows that the asset is still strong, but the downward trend might imply a decrease of bullish vigor.
After hitting resistance around $0.00000963, PEPE's price fell below the 100-day SMA and approached $0.00000766. Broken below this mark might increase selling pressure and lead to a drop toward $0.00000589 and beyond.
