PEPE Upsurge Stalls At Key Resistance, Eyeing Support At $0.00001152
11 Novembre 2024 - 4:00PM
NEWSBTC
PEPE rally has come to an abrupt halt, as the price faces rejection
at resistance and begins its descent toward the key support level
of $0.00001152. After a strong upward push, the token has
encountered significant selling pressure, raising concerns about
the sustainability of its bullish strength. Now, all eyes are on
the $0.00001152 mark to determine if it can support a rebound or if
this is the beginning of a deeper pullback. This article aims to
navigate PEPE‘s recent price action as it encounters resistance,
causing the rally to stall and the price to fall toward the crucial
support level of $0.00001152. Through technical analysis, this
piece assesses whether $0.00001152 will serve as a reliable support
zone for a potential recovery or if the bearish pressure will push
PEPE further downward. Resistance Strikes: What Halted
Momentum Of PEPE? Recently, PEPE’s price has turned bearish on the
4-hour chart, pulling back towards the $0.00001152 mark and the
100-day Simple Moving Average (SMA) after facing significant
resistance at $0.00001313. This retracement signals growing bearish
pressure, which could trigger a deeper correction for the
cryptocurrency. The 4-hour Relative Strength Index (RSI) shows a
decline from 77% to 60%, indicating a weakening of upbeat momentum.
As the RSI moves closer to neutral, buying pressure has subsided,
and the market’s confidence in the uptrend is fading. Specifically,
this shift suggests that PEPE may be entering a correction phase,
with the potential for further downward movement if the trend
continues. Related Reading: PEPE Midterm Price Prediction: Is A
326% Rally To $0.00003474 Possible From Here? Although PEPE is
trading above the 100-day SMA, the daily chart shows increasing
negative sentiment with bearish candlesticks and a decline toward
$0.00001152, reflecting rising selling pressure as the meme coin
struggles to hold higher levels. If bulls don’t defend the current
support, additional declines are possible, making the 100-day SMA
critical to watch for a reversal or continued correctional
movement. Finally, on the 1-day chart, the RSI is declining from
its peak of 69%, indicating a potential shift in momentum. As the
RSI nears the overbought threshold of 70%, this shows that buying
pressure is easing, and the recent uptrend may be losing strength.
The drop could signal a pullback or consolidation, with PEPE
possibly entering a correction phase before attempting to regain
upside pressure. Can The $0.00001152 Level Hold As Support? The
market is testing its strength as PEPE’s price approaches the key
support level of $0.00001152. This level has become crucial in
determining whether the current bearish momentum will continue or
if the price can stabilize. Should $0.00001152 hold, it may provide
a foundation for a possible rebound, allowing bulls to regain
control and resume the upside trend. Related Reading: Pepe Battles
Price Decline, But Analysts Signal A Potential Rally Ahead However,
a breakdown below this level could signal additional declines,
which could push the price toward the $0.00000766 support range and
other lower levels. Featured image from Shutterstock, chart from
Tradingview.com
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