PEPE has experienced significant selling pressure, causing its price to fall below the critical support level of $0.00000766. This decline indicates a further bearish trend, with sellers gaining control and targeting a further drop toward $0.00000589. The breach of this crucial level has raised concerns among traders about the potential for even deeper losses.
Over the past 24 hours, PEPE has decreased by 3.51%, reaching approximately $0.00000724. The cryptocurrency’s market capitalization is estimated at over $3 billion, with a trading volume surpassing $652 million. During this period, PEPE’s market cap and trading volume have dropped by 3.62% and 0.26%, respectively.
The price of PEPE is showing strong bearish activity, trading below the 100-day Simple Moving Average (SMA) on the 4-hour chart. Since falling below the $0.00000766 support level, the asset has shown little sign of recovery and has remained steady. This sustained price action below the key moving average indicates that bearish momentum is firmly in control. Consequently, the downward trend is likely to extend, particularly if the price continues to struggle beneath this critical resistance level.
In addition, the Relative Strength Index (RSI) suggests that PEPE may continue its decline toward the $0.00000589 support level. The signal line has dropped below 50% and is now trending around 37%, indicating persistent bearish pressure in the market.
On the 1-day chart, PEPE is still trading below both the 100-day SMA and the trendline. The crypto asset appears to be attempting a bearish move toward the $0.00000589 support level. With this recent bearish trend, the decline could extend to additional support levels. The 1-day RSI formation further suggests that PEPE is at a heightened risk of continued decline. The signal line is currently hovering around 35% after failing to break above 50%, setting the stage for another drop toward the oversold zone.
The ongoing bearish pressure could drive PEPE’s price down to the next support level at $0.00000589. A decisive break below this support could indicate further bearish movement, potentially pushing the asset toward the $0.00000566 support level or even lower. However, if PEPE manages to rebound from the $0.00000589 level, it could retrace toward its previous high of $0.00001152. Breaking above this level could signal renewed upward momentum, potentially targeting the $0.00001313 resistance range and other higher levels.
As of now, PEPE is trading at $0.00000721 on the daily chart, reflecting the sustained bearish sentiment and the potential for further declines.
