babyThe recent price action has raised concerns among traders, as the bullish momentum appears to be fading. After attempting a bounce, the token encountered strong resistance at the $0.00000963 mark, indicating a potential shift in market sentiment.
With bulls struggling to maintain control and selling pressure building, the door is now open for further bearish action and exit Investors To question whether PEPE can recover or whether there are more losses on the horizon.
The purpose of this article is to examine the token’s loss of upward momentum after failing to break through the $0.00000963 resistance level. By analyzing the current market Technical trends and signals, the goal is to highlight the growing downside risks and explore whether the meme coin is poised for additional declines or… possible Reverse soon.
Bulls are losing steam: PEPE is preparing for a further decline
PEPE recently entered the bearish zone on the 4-hours chart, falling directly below the 100-day simple moving average (SMA) and approaching the crucial support level at $0.00000766. A drop below the 100-day SMA indicates weak strength, and with sellers in control, Cryptocurrency He faces the possibility of further losses.
Analysis of the 4-hour Relative Strength Index (RSI) indicates that the signal line has fallen to 43%, after a short rise to the 50% threshold indicating that… buying The pressure is weakening, as the RSI moves deeper into the bearish zone. Typically, an RSI reading below 50% indicates that sellers are gaining control, which could put further downward pressure on the price.
Also, the meme coin is showing noticeable negative momentum on the daily chart, as it encountered resistance at $0.00000963, as evidenced by a bearish candlestick formation. With sellers gaining the upper hand, the meme coin is about to break below the 100-day simple moving average, which is crucial. supports A level that, if breached, could intensify selling pressures paving the way for further losses.
A closer look at the RSI formation on the daily chart shows that the RSI signal line has dropped to 53%, previously reaching 55% indicating that the buying pressure is starting to diminish. In particular, the RSI remaining above the 50% threshold indicates that the asset is still in a relatively strong position, but a downward movement may indicate an imminent loss of upward strength.
Price Action Breakdown: Can Meme Coin Find Support?
After confrontation resistance At $0.00000963, PEPE price is starting to show weakness, falling below the 100-day simple moving average and moving towards the $0.00000766 support level. A break below this limit could unleash increased selling pressure, which could lead to an extended decline towards the $0.00000589 support level and beyond.
Meanwhile, a recovery above the $0.00000963 threshold could ignite bullish momentum, which could send prices rising towards the $0.00001152 resistance level. A successful breakout of this level could pave the way for further price growth and boost traders’ optimism, indicating a more sustainable uptrend. direction.
Featured image from Shutterstock, chart from Tradingview.com