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PEPEprice is facing renewed bearish pressure as it struggles to break above the critical $0.00001152 resistance level. The recent failure to push higher has left the token consolidating, hinting at a possible downward move if buyers fail to regain control. With marketsentiment tilting in favor of the bears, traders are bracing for what could be another wave of selling.
If bulls cannot generate enough momentum, PEPE may slip further, testing lower support zones in the coming sessions. The battle between buyers and sellers at this level will be crucial in determining the token’s next major move. PEPE Consolidation Near Resistance: A Breakdown Or Rebound?
Pepe’s price action remains trapped in a consolidation phase just below a crucial resistance level, indicating market indecision. Its recent failed breakoutattempt highlights the strength of sellers in this zone, preventing bullish momentum from taking over. As the price struggles to push higher, the risk of a potentialbreakdown increases, especially if bearish pressure intensifies. Related Reading PEPE Recovery Hits A Wall: Can Bulls Smash Through $0.00001313? 6 days ago
The price continues to trade below the 4-hour Simple Moving Average (SMA), reflecting that the meme coinis still under negative pressure. This price action suggests that the market sentiment remains tilted toward the downside, as the failure to break above the SMA highlights a lack of buying strength. PEPE upward movement stalls | Source: PEPEUSDT on Tradingview.com
Furthermore, the Relative Strength Index (RSI) is trendingbelow the 50% threshold, further supporting the bearish outlook. Usually, the RSI’s position below this key level indicates that the selling pressure is currently stronger than the buying, with the market leaning more toward the downside.
Further downward movement remains high until the price can break through the 4-hour SMA and the RSI sustains a move below the 50% key level. Crucial Support Zones In Focus As Selling Pressure Rises
With selling pressure mounting in the market, $0.00000766 is the initial support level to watch. Historically, this level has proven to be a critical price point, acting as a psychological and technical barrier. If the price can maintain above this level, it could signal that buyers are still holding the line, offering a potential for stabilization or even a rebound. Related Reading PEPE Marks Bottom After Scary Market Crash, Enters Wave 3 With Over 500% Promise 3 weeks ago
Should selling pressure persist, the $0.00000589 mark will be the next key area to watch. This supportlevel represents a deeper point of defense for PEPE, and its ability to hold might be crucial for preventing a more significant downturn. A drop below $0.00000589 would be concerning, as it can expose the price to a possible extension of the bearish trend, causing traders to reevaluate their positions.
However, if the price remains above the $0.00000766 level, it may pave the way for a surge toward the $0.00001152 resistance level as buyers remain in control. A break above this level points to further gains, with the price targeting $0.00001313 and moving above the 100-day SMA. PEPE trading at $0.000010 on the 1D chart | Source: PEPEUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com