Recent trading activities show that PEPE is facing significant selling pressure as its price drops below the critical support level of $0.00000766. This decline indicates a bearish trend, with bears gaining control and aiming for further downside towards the $0.00000589 level. The break below this key support level has raised concerns among traders, with the possibility of deeper losses becoming more likely. As momentum turns negative, market sentiment towards PEPE has shifted, with many investors wary of further declines.
In the past 24 hours, PEPE has experienced a 3.51% decline, reaching approximately $0.00000724. Its market capitalization now stands at over $3 billion, with a trading volume exceeding $652 million. Both the market cap and trading volume have decreased by 3.62% and 0.26% respectively during this period. PEPE’s price has exhibited strong bearish behavior, trading below the 100-day Simple Moving Average (SMA) in the 4-hour timeframe. Despite remaining steady after falling below the $0.00000766 support level, the crypto asset is struggling to recover, signaling that bearish momentum is firmly in control.
The Relative Strength Index (RSI) for PEPE indicates that the cryptocurrency could continue its decline towards the $0.00000589 support level. The signal line has dropped below 50% and is currently trending around 37%, highlighting the prevailing bearish pressure in the market. On the 1-day chart, PEPE is still trading below the 100-day SMA and the trendline, signaling a bearish move towards the $0.00000589 support level. The formation of the 1-day RSI further supports this bearish outlook, with the signal line hovering around 35% and failing to break above 50%, indicating a potential drop towards the oversold zone.
If PEPE fails to rebound from the $0.00000589 support level, it could continue its downward trajectory towards lower support levels. A decisive break below this critical level could lead to further bearish movement, potentially pushing the asset towards the $0.00000566 support level or even lower. On the other hand, if PEPE manages to bounce back from the $0.00000589 level, it could see a retracement towards its previous high of $0.00001152. A breakout above this level could signal upward momentum, potentially targeting the $0.00001313 resistance range and beyond.
Overall, the current trading activities and technical indicators suggest that PEPE is facing strong selling pressure and is at risk of further declines. Traders and investors should closely monitor the price action and key support levels to assess the cryptocurrency’s future movements accurately.