PEPE Tests Key Support At $0.00000589 Hold the line, Bulls?
Bearish pressure is pushing PEPE into a key support level at $0.00000589. Recent market moves suggest that bears are in power, driving the token closer to this barrier. As sellers dominate, the issue is whether bulls can defend this level or whether PEPE will fall lower.
This article will examine PEPE's recent price behavior at the significant support level of $0.00000589 using technical indicators and market fundamentals. It will examine if bulls can defend against more losses or whether bears will push the token lower to predict the cryptocurrency's future.
PEPE, with a market valuation of $2.8 billion and a trading volume of $602 million, was trading at $0.000006683, down 6.47%. Its market value fell 6,47% in 24 hours while trading volume rose 74.80%.
Bearish Market Signals Predominate
PEPE is trying to rise on the 4-hour chart, but it has fallen below the $0.00000766 level and the 100-day Simple Moving Average. The asset is approaching $0.00000589 support as market sentiment remains bearish.
PEPE's 4-hour RSI is 31%, suggesting oversold conditions. Selling pressure is high at this level, suggesting a short-term comeback or consolidation if bears lose control.
Since breaching below $0.00000766 and trading under the 100-day SMA, PEPE has fallen significantly on the daily chart. The cryptocurrency is presently rebounding, but gloomy sentiment may keep it down.
Finally, the 1-day chart's RSI signal line is 36% and trending below 50%, showing that PEPE is under bearish pressure and might fall further.
PEPE may fall below $0.00000589 due to the bearish trend and negative momentum indicators. If this support is breached, negative movement may drive the asset down to $0.00000398 and probably below.
A bounce at $0.00000589 might send PEPE back to the resistance level at $0.00000766. If the crypto asset breaks above this level, it may target the $0.00001152 resistance range and potentially higher levels.
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