The popular meme coin PEPE is currently facing strong resistance at the $0.00001152 level, with bears regaining control of the market. The token’s recent failure to break above this crucial resistance has left it consolidating, hinting at a possible downward move if buyers fail to step in and provide support.
The battle between buyers and sellers at this key level will likely determine PEPE’s next major move. If selling pressure persists, the token may test lower support levels at $0.00000766 and $0.00000589. A drop below the latter would be particularly concerning, as it could expose PEPE to a more significant downturn.
On the other hand, if buyers manage to defend the $0.00000766 support level, PEPE could potentially rebound and make another attempt at breaking through the $0.00001152 resistance. A successful breach of this level would open the door for further gains, with targets at $0.00001313 and above the 100-day Simple Moving Average.
Technical indicators, such as the 4-hour Simple Moving Average and the Relative Strength Index, suggest that bearish sentiment currently dominates the market. Traders should keep a close eye on these indicators, as a break above the 4-hour SMA and a sustained move of the RSI above the 50% threshold could signal a shift in momentum favoring the bulls.
As the crypto market continues to evolve, meme coins like PEPE remain highly speculative and prone to sudden price swings. Investors should exercise caution and thoroughly assess their risk tolerance before engaging in any trading activities.
Tags: PEPE, meme coin, market analysis, technical analysis, crypto trading
Source: https://www.newsbtc.com/analysis/pepe/pepe-face-strong-resistance/