After a powerful upward impulse PEPE is showing signs of fatigue as it enters a correction phase, with traders speculating about what might come next. As the token pulls back from recent highs, attention now turns to key support levels that could dictate its price. recovery potential. Will these key levels be able to hold the line and support a recovery, or will PEPE face a longer decline?
This article will take a detailed look at the current price movement of PEPE in the correction phase. By highlighting significant levels of support and resistance, this part is intended to equip investors and traders with valuable information about possible rebound zones and factors that could influence its recovery or further decline.
Understanding the PEPE correction: what triggered the pullback?
PEPE recently made a bearish move on the 4-hour chart, encountering strong resistance at $0.00001152. This struggle to maintain the uptrend triggered a decline, pushing the asset towards the 100-day simple moving average (SMA). A fall below this SMA could increase selling pressure, while a rebound could signal a potential price reversal.
Analysis of the 4-hour relative strength index (RSI) shows that bullish strength may wane. The RSI has now fallen to around 68% of the overbought zone, indicating that buying pressure is easing. If the RSI continues to fall, it may indicate that market is becoming increasingly oversold, possibly paving the way for a deeper correction.
On the daily chart, PEPE shows a significant negative movement, as evidenced by bearish candlestick. This ongoing downward trend highlights the prevailing selling pressure in the market. Although meme coin is currently trading above the 100-day SMA, which is generally viewed as a bullish indicator, the strength of the bearish candle suggests that upward momentum may be limited.
Finally, on the daily chart, the RSI signal line is approaching the critical 50% level after rising above it. The 50% mark represents a neutral zone, suggesting a balance between purchase and sales pressure. A fall below 50% could signal a shift to bearish sentiment, while holding above or returning above 50% could signal continued bullish strength, possibly leading to higher prices. profit.
Where PEPE can find stability
Key Support Levels are critical price points where PEPE can find stability and reverse the current downtrend. One of the major support levels to watch is the $0.000000766 level, which has historically acted as a crucial support level. If the PEPE price approaches this level, it could trigger renewed buying interest, potentially leading to a rebound.
However, if meme coin break through this level, this could lead to a long rejectwhich may push the price to $0.00000589 and above.
