baby It is approaching a pivotal moment as it tests the $0.00001152 level, a crucial crossover that could shape its next trend. A break above this key resistance level could spark renewed bullish momentum, sending the price higher. However, failure to cross this level may result in rejection, which may push the coin into a correction phase.
While traders focus on this pivot resistance, this analysis will explore the potential for a breakout against the pivot resistance possible Rejection by analyzing the current price action of PEPE as it approaches the critical resistance level of $0.00001152. Key technical indicators, market sentiment, and Trading volume She will be examined to provide clearer insight into her next step.
PEPE Current price action
Currently, despite trading above the 100-day simple moving average (SMA), PEPE price on the 4-hours chart is showing signs of a possible rejection. After reaching the key resistance At the $0.00001152 level, the price has started to decline, indicating that the positive move may be weakening and a deeper bounce may occur if Same angle Failed to regain upward momentum soon.
The Relative Strength Index (RSI) also fell to 82% after peaking at 88%, indicating a slowdown in buying pressure. Although the RSI remains in overbought territory, this decline indicates that the upward momentum may be fading. This decline usually indicates that the asset may be entering a consolidation phase or facing a potential price bounce, especially if the asset is struggling to break through key resistance levels.
On the daily chart, the cryptocurrency asset showed a strong upward movement with multiple bullish candles forming after breaking above the 100-day simple moving average. However, the current candle is exposing a rejection wick, indicating growing selling pressure. If this rejection persists, it could indicate weak upward strength, which could lead to consolidation or a deeper bounce as traders take profits.
Finally, on the one-day chart, the RSI has risen above 50% and is now at 75%, reflecting strong optimistic sentiment and prevailing buying pressure. While this suggests continued price increases, proximity to the overbought area increases the potential for a pullback if buying weakens. A further rise may strengthen the uptrend, but a decline may indicate an upcoming correction or consolidation.
Market Sentiment Split: What’s Next for Meme?
I have left out the recent price action of PEPE market Divided, traders alternate between optimism about a breakout and caution about a potential rejection. If the meme coin faces rejection, it may start to pull back towards the $0.00000766 level and possibly lower support levels.
However, a successful break above the $0.00001152 resistance could indicate increased buying momentum, possibly paving the way for further gains targeting higher resistance levels, such as $0.00001731 and beyond.
Featured image from iStock, chart from Tradingview.com
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