PEPE Faces Potential 5% Drop, Eyes Key Support Level Retest 📉
PEPE has recently experienced a significant drop as it retests crucial support levels following a breakout. This retest is vital in determining if the bullish momentum will continue or if the price will struggle to remain above this level.
The cryptocurrency is trading above its 100-day Simple Moving Average (SMA) on the 4-hour chart, signaling a generally positive trend. However, significant bearish momentum is pushing the price towards the $0.00000766 support level.
Additionally, the Relative Strength Index (RSI) signal line on the 4-hour chart has dropped to 66%, moving away from the overbought zone towards the 50% threshold. This decline suggests increasing pessimism and a higher likelihood of approaching the critical support level.
Despite this short-term downward movement, recent bullish sentiment suggests the drop may be temporary, potentially leading to a rebound. The 1-day RSI signal line has also declined to 51%, indicating weakening upward momentum and reinforcing the potential for a price retracement.
If the $0.00000766 support level holds, it could lead to a rebound and a continuation of the upward trend, with the next resistance at $0.00001152. A successful breach of this resistance could signal a stronger bullish move, leading to higher price levels.
Conversely, if the support fails, PEPE might see additional declines towards $0.00000589 and potentially challenge the $0.00000398 range. Over the past 24 hours, PEPE traded around $0.00007822, reflecting a 6.93% increase, with market capitalization rising to over $3.2 billion and trading volume surpassing $527 billion.
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