The rally of PEPE has encountered a sudden halt, as its price faces resistance and begins descending towards a crucial support level of $0.00001152. Following a robust upward push, the token is now dealing with significant selling pressure, sparking concerns about the durability of its bullish momentum. The critical question now is whether the $0.00001152 mark can support a rebound or if this is the onset of a deeper pullback.
PEPE’s recent price movements exhibit signs of bearish trends as it retraces towards the $0.00001152 level and the 100-day Simple Moving Average (SMA) after confronting solid resistance at $0.00001313. This pullback hints at escalating bearish pressure, which poses the risk of triggering a more profound correction in the cryptocurrency.
Examining the 4-hour Relative Strength Index (RSI), which has dipped from 77% to 60%, we observe a decline in positive momentum. This shift towards a more neutral RSI indicates a drop in buying pressure and waning market confidence in the uptrend. This trend suggests that PEPE could be entering a corrective phase, with the potential for further downward movement if the current pattern persists.
On the daily chart, even though PEPE is trading above the 100-day SMA, there is an increasing negative sentiment highlighted by bearish candlesticks and a decline towards $0.00001152. This reflects rising selling pressure as the coin struggles to sustain higher levels. If the bulls fail to defend this support, additional declines could be on the horizon, making the 100-day SMA a critical indicator for potential reversal or continued downward movement.
On the one-day chart, the RSI is showing a decline from its peak of 69%, hinting at a potential shift in momentum. As the RSI approaches the overbought threshold of 70%, it indicates that buying pressure is decreasing, and the recent uptrend may be losing steam. This could signal a pullback or consolidation phase, with PEPE potentially entering a correction phase before attempting to regain upward momentum.
The market’s attention is now on the $0.00001152 support level. This level is crucial in determining whether the current bearish momentum will persist or if the price can stabilize. If $0.00001152 holds, it might serve as a foundation for a potential rebound, allowing bulls to regain control and resume an upward trend. Conversely, a breakdown below this level could lead to further declines, pushing the price towards the $0.00000766 support range and even lower thresholds.
