PEPE at Critical Point: Breakout or Rejection Ahead?

PEPE is reaching a crucial point as it approaches the $0.00001152 threshold, a significant area that could influence its future trajectory. A move beyond this important resistance could trigger a renewed bullish rally, pushing the price upwards. Conversely, failing to break this level might result in a rejection, potentially leading the meme coin into a phase of retracement.

With traders eyeing this key resistance, this analysis will assess the chances of a breakout against a possible rejection by reviewing PEPE’s current price movements as it nears the $0.00001152 resistance level. Critical technical indicators, overall market sentiment, and trading volume will be scrutinized to offer a clearer perspective on its upcoming direction.

Current Price Movements of PEPE

At present, despite being above the 100-day Simple Moving Average (SMA), PEPE’s price on the 4-hour chart is displaying potential signs of rejection. Following its encounter with the key resistance level of $0.00001152, there has been a price decline, indicating that bullish momentum might be waning and a deeper retracement could unfold if the meme coin does not regain upward strength soon.

Additionally, the Relative Strength Index (RSI) has dipped to 82% after previously peaking at 88%, indicating a decrease in buying pressure. Though the RSI remains in overbought territory, this decline suggests that bullish momentum could be fading. Such a reduction usually indicates that the asset may be entering a consolidation phase or facing a potential price drop, particularly if it struggles to break through essential resistance points.

On the daily chart, the cryptocurrency has displayed significant upward progress with several bullish candlesticks emerging after surpassing the 100-day SMA. However, the latest candlestick shows a rejection wick, signifying increased selling pressure. If this trend continues, it may suggest weakening bullish strength, possibly leading to consolidation or a more significant price decline as traders secure profits.

Ultimately, on the 1-day chart, the RSI has risen past 50% and currently stands at 75%, indicating strong positive sentiment and dominant buying pressure. While this points to the possibility of further price increases, being close to overbought conditions raises the risk of a pullback if buying momentum weakens. A continued rise could reinforce the uptrend, but a downturn may hint at an upcoming correction or consolidation.

Market Sentiment Split: What Lies Ahead for the Meme Coin?

PEPE’s recent price trends have created a divide in the market, with traders torn between optimism for a breakout and concerns about a potential rejection. If the meme coin faces rejection, it might begin to retrace toward the $0.00000766 mark and potentially lower support levels.

Conversely, a successful breakout above the $0.00001152 resistance could signal increased buying momentum, potentially paving the way for additional gains and targeting higher resistance levels, such as $0.00001731 and beyond.