After the recent breakout, PEPE has seen a significant decline as it moves to retest crucial support levels. This test is crucial for the cryptocurrency as it will determine whether the bullish momentum can continue or whether the price will struggle to stay above this level.
The aim of this article is to analyze the recent price action of PEPE as it has declined to retest the critical support at $0.00000766 after a breakout. It will examine whether this support level can hold and lead to a recovery, which could pave the way for a renewed uptrend, and explore possible scenarios for its next move.
Analysis of the current situation of the PEPE market
On the 4-hours chart, PEPE is currently trading above the 100-day simple moving average (SMA), indicating an overall positive trend. However, the crypto asset is witnessing significant bearish momentum that could push the price lower towards the $0.00000766 level for a decisive retest.
Additionally, on the 4-hour chart, the RSI signal line is currently at 66%, moving down from the overbought zone towards the 50% threshold. This decline indicates an increase in bearish momentum, suggesting a greater likelihood of PEPE approaching the $0.00000766 support level.
On the 4-hours chart, PEPE appears to be moving lower towards the $0.00000766 support level while approaching the 100-day simple moving average. Despite this short-term decline, the recent bullish market sentiment suggests that this decline may be temporary and could lead to a recovery in the near future.
Finally, the 1-day RSI signal line, which rose to 51%, is now heading towards the 50% level. The decline in the RSI indicates a potential weakening of the bullish momentum, which increases the possibility of the price returning to the support level for further evaluation.
PEPE Support Test Evaluation: Can 0.00000766 Hold?
If the price at 0.00000766 holds up against the selling pressure, it could signal a potential bounce and a continuation of the uptrend towards the next resistance level at 0.00001152. A successful breakout of this resistance level could signal a stronger upside move, paving the way for further price appreciation to higher levels.
However, if the support level of 0.00000766 fails to hold, it could lead to additional declines towards the support level of 0.00000589. If the PEPE price drops below this level, it could move to challenge the range of 0.00000398 and beyond.
Over the past 24 hours, PEPE has been trading at around $0.00007822, reflecting a 6.93% increase. The cryptocurrency’s market cap has surged to over $3.2 billion, with trading volume exceeding $527 billion, indicating a 6.94% and 59.38% increase, respectively, over the past day.
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