#Pepe rallied sharply from the 50-day SMA ($0.000008) and broke above the $0.000011 overhead resistance on May 8.
PEPE/USDT daily chart
The rally has pushed the RSI into the overbought zone, signaling a pullback may be around the corner. The PEPE/USDT pair could drop to the breakout level of $0.000011. If the price rebounds off $0.000011, it suggests that the bulls have flipped the level into support. That improves the prospects for a rally to $0.000017 and then to $0.000020.
This optimistic view will be negated in the near term if the price turns down and breaks below the 20-day EMΜΑ ($0.000009).
PEPE/USDT 4-hour chart
The 4-hour chart shows that the bears are aggressively defending the $0.000014 level.
That could pull the price down to the 20-EMA, which is a vital level to keep an eye on. If the price rebounds off the 20-EMA, the #bulls will make another attempt to shove the pair above $0.000014. If they can pull it off, the pair could ascend to $0.000017.
On the contrary, a break and close below the 20-EMA could sink the pair to $0.000011. Buyers are expected to defend the $0.000011 level with all their might because a slide below it may extend the pullback to the 50-SMA.
How about you, what do you think?
#pepe #BullRunAhead #HoldOnTight #support $PEPE $BTC