PEPE is approaching a crucial moment as it tests the $0.00001152 level, a critical crossover that could shape its next direction. A break above this key resistance may spark renewed bullish momentum, driving the price higher. However, failing to surpass this level could lead to a rejection, which could send the meme coin into a pullback phase.
As traders focus on this fundamental resistance, this analysis will explore the probability of a breakout versus a potential rejection analyzing the current PEPE price action as it approaches the critical resistance level of $0.00001152. Key technical indicators, market sentiment and trading volume will be examined to provide a clearer perspective on your next step.
PEPE Current Price Action
Currently, despite trading above the 100-day SMA, PEPE price on the 4-hour chart is showing signs of a possible rejection. After reaching the key endurance level of $0.00001152, the price has started to decline, indicating that the positive move may be weakening and a deeper pullback may occur if the same corner fails to regain bullish momentum soon.
Furthermore, the Relative Strength Index (RSI) has fallen to 82% after reaching a high of 88%, indicating a cooling of buying pressure. Although the RSI remains in overbought territory, this drop suggests that the bullish momentum may be fading. Such a drop usually indicates that the asset could be entering a consolidation phase or experiencing a potential price pullback, especially if the asset is struggling to break through key resistance levels.
On the daily chart, the crypto asset has shown a strong upward movement with the formation of multiple bullish candles after surpassing the 100-day SMA. However, the current candle reveals a rejection wick, indicating increasing selling pressure. If this rejection persists, it may indicate weakening bullish strength, which could lead to consolidation or a deeper pullback as traders take action. earnings.
Finally, on the 1-day chart, the RSI has risen above 50% and is now at 75%, reflecting strong bullish sentiment and dominant buying pressure. While this suggests continued price increases, the proximity to overbought territory increases the possibility of a pullback if the buying weakens. A new rise could strengthen the uptrend, but a drop may indicate an upcoming correction or consolidation.
Divided Market Sentiment: What’s Next for Meme Coin?
PEPE’s recent price action has left the market divided, with traders speculating between optimism for a breakout and caution about a possible rejection. If the meme coin faces rejection, it may begin to retreat towards the $0.00000766 level and potentially lower support levels.
However, a successful break above the $0.00001152 resistance level could signal further buying momentum, possibly setting the stage for further gains and targeting higher resistance levels such as $0.00001731 and higher.
Featured image from iStock, chart from Tradingview.com
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.