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PEPE rallyhas come to an abrupt halt, as the price faces rejection at resistance and begins its descent toward the key support level of $0.00001152. After a strong upward push, the token has encountered significant selling pressure, raising concerns about the sustainability of its bullishstrength. Now, all eyes are on the $0.00001152 mark to determine if it can support a rebound or if this is the beginning of a deeper pullback.
This article aims to navigate PEPE‘s recent price action as it encounters resistance, causing the rally to stall and the price to fall toward the crucial support level of $0.00001152. Through technical analysis, this piece assesses whether $0.00001152 will serve as a reliable support zone for a potential recovery or if the bearish pressure will push PEPE further downward. Resistance Strikes: What Halted Momentum Of PEPE?
Recently, PEPE’s price has turned bearish on the 4-hour chart, pulling back towards the $0.00001152 mark and the 100-day Simple Moving Average (SMA) after facing significant resistance at $0.00001313. This retracement signals growing bearish pressure, which could trigger a deeper correction for the cryptocurrency. PEPE resisting the 100-day SMA and $0.00001152 after encountering strong resistance | Source: PEPEUSDT on Tradingview.com
The 4-hour Relative Strength Index (RSI) shows a decline from 77% to 60%, indicating a weakening of upbeat momentum. As the RSI moves closer to neutral, buying pressure has subsided, and the market’s confidence in the uptrend is fading. Specifically, this shift suggests that PEPE may be entering a correction phase, with the potential for further downward movement if the trend continues. Related Reading PEPE Midterm Price Prediction: Is A 326% Rally To $0.00003474 Possible From Here? 1 week ago
Although PEPE is trading above the 100-day SMA, the daily chart shows increasing negative sentiment with bearish candlesticks and a decline toward $0.00001152, reflecting rising selling pressure as the meme coin struggles to hold higher levels. If bulls don’t defend the current support, additional declines are possible, making the 100-day SMA critical to watch for a reversal or continued correctional movement. PEPE struggling to maintain higher levels | Source: PEPEUSDT on Tradingview.com
Finally, on the 1-day chart, the RSI is declining from its peak of 69%, indicating a potential shift in momentum. As the RSI nears the overbought threshold of 70%, this shows that buyingpressure is easing, and the recent uptrend may be losing strength. The drop could signal a pullback or consolidation, with PEPE possibly entering a correction phase before attempting to regain upside pressure. Can The $0.00001152 Level Hold As Support?
The marketis testing its strength as PEPE’s price approaches the key support level of $0.00001152. This level has become crucial in determining whether the current bearish momentum will continue or if the price can stabilize. Should $0.00001152 hold, it may provide a foundation for a possible rebound, allowing bulls to regain control and resume the upsidetrend. Related Reading Pepe Battles Price Decline, But Analysts Signal A Potential Rally Ahead 2 weeks ago
However, a breakdown below this level could signal additional declines, which could push the price toward the $0.00000766 support range and other lower levels. PEPE trading at $0.000012 on the 1D chart | Source: PEPEUSDT on Tradingview.com Featured image from Shutterstock, chart from Tradingview.com