Pepe Price Analysis Shows Bearish Trend on 4-Hour Chart

The #Pepe price has been showing a downward trend on the 4-hour chart, reflecting a bearish sentiment in the market. Closing prices over the last five sessions have shown a consistent decline, moving from $0.00001193 to $0.00001170. This trend highlights a weakening market, which traders should consider when planning their next moves.

Exponential Moving Averages (EMAs) provide further evidence of the bearish outlook. The 9 EMA has been consistently lower than the 20 EMA, a classic indicator of a downtrend. The current levels of the 9 EMA ($0.00001186) and the 20 EMA ($0.00001191) suggest that selling pressure remains strong, and buyers are unable to sustain any significant upward momentum.

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator paints a similar picture. The MACD line has remained below the signal line, with the histogram showing increasing negative values. This divergence indicates growing bearish momentum, suggesting that any attempts at recovery may be short-lived unless there is a significant shift in market sentiment.

Additionally, Relative Strength Index (RSI) readings reinforce the bearish trend. The RSI has been hovering below the neutral 50 mark, currently at around 42.91. This level indicates that the asset is neither overbought nor oversold but is leaning towards the bearish side, suggesting potential further declines.

The immediate support level lies at $0.00001167. Should this level fail to hold, the next supports to watch are $0.00001162 and $0.00001159. Breaching these levels could signal further downward movement.

On the upside, the first resistance level to monitor is at $0.00001201, followed by $0.00001205. A move above these levels could indicate a potential trend reversal, but given the current indicators, such a move appears unlikely in the short term. $PEPE #Memecoins #altcoins The full analysis and trade strategy were originally posted on www.ecoinimist.com.