This is evident from recent trading activities PEPE is under increasing selling pressure as the price falls below the critical support level at $0.00000766. This dip signals further bearish movement, with bears gaining control and looking further down towards $00000589. The break below this key level is causing concern among traders as the possibility of bigger losses becomes increasingly likely.
With momentum turning negative, this article aims to explore the consequences of the price of PEPE falling below a critical support level. It will examine how this collapse affects market sentiment, and use key indicators to evaluate the likelihood of further declines.
Over the past 24 hours, PEPE has fallen 3.51% to around $0.00000724. Are market Its capitalization is over $3 billion, with a trading volume of over $652 million. During this period, PEPE’s market capitalization and trading volume decreased by 3.62% and 0.26%, respectively.
Market sentiment changes as the price falls below crucial support
The price of PEPE is showing active bearish behavior and trading below the 100-day Simple Moving Average (SMA) within a 4-hour time frame. Since falling below the $0.00000766 support level, the crypto asset has remained stable and shows little sign of recovery.
This continued price action below a key moving average suggests that bearish momentum is firmly under control. As a result, the downtrend could likely continue further, especially if the price continues to struggle below this critical resistance level.
Furthermore, the Relative Strength Index (RSI) indicates that PEPE could continue its decline towards the $0.00000589 support level. The signal line has fallen below 50% and is now hovering around 37%, indicating that bearish pressure in the market remains strong.
On the 1 day, PEPE is still trading below the 100-day SMA and the trend line. It can be observed that the crypto asset is trying to make a bearish move towards the USD 0.00000589 support level. With this recent bearish move, the decline could extend to other support levels.
Finally, the formation of the 1-day RSI suggests that PEPE is at greater risk of continuing its decline. The signal line is currently hovering around 35% after failing to break above 50%, paving the way for another decline towards the oversold zone.
Potential negative objectives: where PEPE could go
Continued bearish pressure could push PEPE price towards the next support level at $0.00000589. A decisive break below this support could provide a further bearish signal movementpotentially pushing the assets towards the $0.00000566 support level and possibly even lower.
However, if PEPE recovers from the $0.00000589 level, it could return to the previous high of $0.00001152. If the cryptocurrency Breaking above this level could signal further upside momentum, possibly targeting the $0.00001313 resistance range and other higher levels.
Featured image from Adobe Stock, chart from Tradingview.com
