PEPE's chart may look very weak right now, but it could be argued that this provides a perfect opportunity to buy the meme token on the cheap.The altcoin's relative strength index (purple) has just dropped very close to 20, signalling that it's very oversold at the moment, and should be due a rebound.Likewise, PEPE's 30-day moving average (yellow) and its price have dropped far below its 200-day average (blue), another indicator that it has been oversold and should correct soon enough.However, the thing with technical analysis is that its tools have generally been developed for normal stocks, which belong to companies with actual businesses and fundamentals.PEPE, on the other hand, is a pure meme token, so even if the technicals are 'pointing' in a particular direction, its complete lack of fundamental utility could mean that its bubble has finally burst and that it's on the way out.This fear is heightened by PEPE's support level (green), which now shows a steep decline after the altcoin fell through the $0.000001375 level earlier this morning.That it has fallen through this level may very well indicate further declines to come in the next few days, particular when there isn't much to support PEPE's price in the news.
