Recent trading activity shows PEPE is under increasing selling pressure as its price falls below the critical support level of $0.00000766. This decline signals further bearish movement with Bears Gain control and eye further downsides towards $00000589. A break below this key level will raise concerns among traders as the possibility of larger losses becomes increasingly likely.
With momentum turning negative, this article will examine the implications of a PEPE price breaking below a critical support level. It will look at how this breakdown will affect market sentiment and use key indicators to assess the likelihood of further declines.
In the last 24 hours, PEPE is down 3.51% and is trading at around $0.00000724. market The capitalization is over $3 billion, the trading volume exceeds $652 million. During this period, PEPE’s market capitalization and trading volume have decreased by 3.62% and 0.26%, respectively.
Market sentiment changes as price falls below crucial support
PEPE price is showing active bearish behavior and is trading below the 100-day SMA (Simple Moving Average) on the 4-hour timeframe. Since breaking below the $0.00000766 support level, the crypto asset has remained stable and is showing little signs of recovery.
This sustained price action below a key moving average suggests that bearish momentum is firmly in place. As a result, the downtrend could likely continue further, especially if the price continues to struggle below this critical resistance level.
Furthermore, the Relative Strength Index (RSI) indicates that PEPE might extend its decline towards the support level of $0.00000589. The signal line has fallen below 50% and is now trending around 37%, suggesting that the downward pressure in the market remains strong.
On the 1-day timeframe, PEPE is still trading below the 100-day SMA and the Trend line. The crypto asset is observed to be attempting a bearish move towards the $0.00000589 support level. With this recent bearish move, the decline could extend to other support levels.
Finally, the formation of the 1-day RSI suggests that PEPE is at a greater risk of extending its decline. The signal line is currently hovering around 35% after failing to break above 50%, setting the stage for a further decline towards the oversold zone.
Potential downside targets: Where PEPE could go next
The sustained downward pressure could push the PEPE price to the next support level at $0.00000589. A decisive break below this support could signal further downside risks. Movementwhich may push the asset towards the support level of $0.00000566 and possibly even lower.
However, if PEPE bounces off the $0.00000589 mark, it could fall to its previous high of $0.00001152. If the Cryptocurrency A break above this level could be a sign of further upside momentum, possibly targeting the $0.00001313 resistance area and other higher levels.
Featured image from Adobe Stock, chart from Tradingview.com
