On December 9, after PEPE reached a historic high, the price fell nearly 8% in the past 24 hours. This pullback is closely related to several technical indicators, especially the RSI (Relative Strength Index) and the amplitude of the 7D MVRV, suggesting that PEPE may face further downward pressure.
RSI close to the overbought zone, may continue to decline in the short term
PEPE's RSI is currently 33.3, approaching the key level of 30 in the oversold zone. The RSI value reflects the speed and magnitude of price fluctuations of the asset, with an RSI of 30 typically indicating that the market is oversold, which may reverse.
However, the current RSI is close to this and has dropped significantly since December 16, indicating increased selling pressure in the short term, and it may continue to face route risks.
MVRV indicates panic among short-term holders
PEPE's 7D MVRV (Market Value to Realized Value) is -9.3%, significantly lower than the historical high of 17% on December 8. This negative value indicates that short-term holders are currently in a loss position and reflects increased selling pressure in the market.
Historical data shows that before the price of PEPE rebounds, the MVRV typically drops to the range of -12% to -15%. Therefore, the current negative MVRV may indicate that the price will undergo a period of adjustment before rebounding.
Support and resistance levels: Key points of price movement
PEPE is currently facing a critical support level of $0.0000188. If this support level is broken, it may trigger further downward trends, with a target price of $0.000017, and it might even drop to $0.000011.
This indicates that the maximum potential pullback could reach 47%, and this bearish outlook is supported by the EMA (Exponential Moving Average), with the short-term EMA crossing below the long-term EMA, forming a 'death cross', further suggesting a continuous queue audio.
If PEPE can stabilize at the current support level and restore buying interest, it may experience an incredible short-term rebound, first challenging the resistance level of $0.0000227. If it successfully breaks through this level, the next target price will be $0.0000259, and further upward space may push PEPE's price to $0.000028. Public. Sticky. Good: Six Six Says Coin
Conclusion:
The price of PEPE is currently facing increasing downward pressure, RSI is close to the oversold zone, and the 7D MVRV shows short-term support for holders, which may imply further pullback in the short term.
If the support level of $0.0000188 can be maintained and market sentiment changes, PEPE may still be exciting, with target prices of $0.0000227 and even higher at $0.0000259.
