After the recent breakthrough, PEPE has experienced a notable drop as it moves toward a retest of critical support levels. This repeat testing is critical to cryptocurrencyas it will determine whether the bullish momentum can continue or whether the price will struggle to stay above this level.
The purpose of this article is to analyze the recent price action of PEPE as it falls and retests the critical support at $0.00000766 after the breakout. He will check whether this support level can hold and lead to a rebound, potentially setting the stage for a resumption of the uptrend, and will also explore potential scenarios for its next move.
Analysis of the current state of the PEPE market
On the 4-hour chart, PEPE is currently trading above the 100-day simple moving average (SMA), indicating an overall positive trend. However, the crypto asset is experiencing a significant bearish trend. pulse this could push the price down to $0.00000766 for the crucial retest.
Additionally, on the 4-hour chart, the Relative Strength Index (RSI) signal line is currently at 66%, moving down from the overbought zone towards the 50% threshold. This decline indicates strengthening pessimistic momentum, suggesting a greater likelihood of PEPE approaching the $0.00000766 support level.
On the 4-hour chart, PEPE appears to be heading lower towards the $0.00000766 support level, approaching the 100-day SMA. Despite this short-term decline, recent bullish market sentiment suggests that this decline may be temporary and could potentially lead to a recovery in the near future.
Finally, the 1-day RSI signal line, which rose to 51%, is now falling towards the 50% level. A fall in the RSI indicates potential weakening of the upward impulse, increasing the likelihood of a price rollback to the support level for further evaluation.
PEPE Support Test Assessment: Can $0.00000766 Hold?
If $0.00000766 withstands selling pressure, it could indicate a potential rebound and continuation of the uptrend towards the next resistance at $0.00001152. A successful break of this resistance level could signal a stronger bullish move, paving the way for prices to rise further to even higher levels.
However, if $0.00000766 fails to hold as support, it could lead to further declines towards the $0.00000589 support level. If PEPE falls below this level, it could move to the $0.00000398 range and above.
Over the last 24 hours, PEPE traded around $0.00007822, reflecting a rise of 6.93%. The cryptocurrency’s market capitalization rose to over $3.2 billion, with trading volume exceeding $527 billion, indicating growth of 6.94% and 59.38%, respectively, over the past day.
