Following a recent breakout, PEPE has encountered a marked decline as it approaches a key support level for a retest. This retest is significant for the cryptocurrency, as it will establish whether the bullish momentum can persist or if the price will face challenges maintaining itself above this threshold.
The purpose of this article is to assess PEPE’s recent price movements as it declines to revisit essential support at $0.00000766 after its breakout. It will analyze the potential for this support level to hold and trigger a rebound, possibly setting the stage for a resurgence in upward momentum, while also exploring various scenarios for its subsequent movements.
Assessing PEPE’s Current Market Situation
According to the 4-hour chart, PEPE is currently trading above the 100-day Simple Moving Average (SMA), signifying an overall positive trend. Nevertheless, the cryptocurrency is undergoing considerable bearish pressure that could push the price down towards the $0.00000766 mark for a critical retest.
Moreover, on the 4-hour chart, the Relative Strength Index (RSI) signal line is currently positioned at 66%, moving downwards from the overbought zone towards the 50% mark. This downward movement suggests a rise in bearish momentum, indicating an increased possibility of PEPE approaching the $0.00000766 support level.
On the 4-hour chart, PEPE is trending downward towards the $0.00000766 support level while nearing the 100-day SMA. Despite this temporary decline, the recent optimistic market sentiment implies that this drop may only be fleeting and could potentially lead to a rebound shortly.
Finally, the 1-day RSI signal line, which has ascended to 51%, is now regressing towards the 50% threshold. The RSI’s decline implies a potential weakening of upward momentum, reinforcing the likelihood of a price retreat to the support level for further assessment.
Examining PEPE’s Support Test: Will $0.00000766 Stand Strong?
If $0.00000766 withstands the selling pressure, it may indicate a potential rebound and a continuation of the upward trend towards the next resistance at $0.00001152. A successful break above this resistance level could signal a more robust bullish movement, leading to further price increases to higher levels.
Conversely, if $0.00000766 does not hold as support, additional declines could be expected towards the $0.00000589 support level. Should PEPE fall beneath this mark, it may proceed to test the $0.00000398 range and potentially beyond.
In the last 24 hours, PEPE has traded around $0.00007822, representing a 6.93% increase. The cryptocurrency’s market capitalization has surged to over $3.2 billion, with trading volume exceeding $527 billion, reflecting increases of 6.94% and 59.38% respectively in the previous day.
