PEPE Sees a Decrease in Bearish Pressure, Indicators Point to a Bullish Rebound

Crypto News- Over the past 24 hours, the PEPE (PEPE) market underwent a notable retracement as the bulls’ attempts to breach the $0.0000006958 resistance level proved unsuccessful. Consequently, the bears pushed the PEPE price down to an intraday low of $0.0000006559 before a modest recovery ensued. Nevertheless, the prevailing negative momentum continued, with PEPE trading at $0.0000006666, marking a 1.76% decrease from its highest point within the last 24 hours.

PEPE Sees a Decrease in Bearish Pressure, Indicators Point to a Bullish Rebound

In the event of an ongoing bearish trend and the breach of the $0.0000006559 support level, the subsequent support to keep an eye on is located around $0.0000006450. This level has previously served as a robust support zone and may attract prospective buyers looking for opportunities. However, if the selling pressure persists, there is a possibility of further decline towards the subsequent support level at $0.0000006350.

During this period of decline, PEPE’s market capitalization and 24-hour trading volume experienced a decrease of 1.58% and 0.72%, respectively, settling at $261.33 million and $60.7 million. Nevertheless, if the bulls manage to regain control and buying pressure intensifies, a resurgence towards the $0.0000006550 resistance level becomes a feasible scenario.

On the 4-hour price chart for PEPEUSD, the 100-day moving average (blue), with a value of 0.000000694, currently sits above the 20-day moving average (yellow), rated at 0.000000664, indicating a lag in the short-term price movement compared to the long-term trend. Nevertheless, the potential for a bullish crossover is on the horizon, as the 20-day MA trends upward and the 100-day MA shows signs of possible convergence. This pattern suggests a shift in momentum that could lead to a breakthrough above the resistance at $0.0000006550.

Furthermore, the stochastic RSI, with a value of 11.06, adds further support to the potential for a bullish reversal. This reading indicates that PEPE is undervalued and may be due for an upward price correction. If the stochastic RSI rises and crosses the oversold threshold, it could strengthen the case for a bullish crossover and increase the likelihood of surpassing the resistance level.

Conversely, the Money Flow Index (MFI) with a rating of 42.37, trending downward, suggests that the PEPE market may still be under selling pressure. This selling pressure could impede the bullish turnaround and limit the upward price correction.