PEPE Faces Bearish Pressure as Sellers Target Crucial Support Levels
- PEPE struggls to mintin bullish momntum, fcing strong rsistnc t $0.00000963 lvl.
- Th 4-hour RSI dclin signls wkning buying prssur nd brish sntimnt mong trdrs.
- Anlyst wrns tht brching $0.000008353 support my triggr furthr pric dclins for PEPE.
PEPEs rcnt pric ction hs risd concrns mong trdrs s th cryptocurrncy struggls to mintin its bullish momntum. Aftr short-livd rbound, th tokn fcd strong rsistnc t th $0.00000963 lvl, signling shift in mrkt sntimnt. Th tokns inbility to push pst this rsistnc lvl hs triggrd growing spcultion of furthr dclins.
PEPE hs now ntrd brish trritory on th 4-hour chrt, dropping blow th crucil 100-dy Simpl Moving Avrg (SMA), sign of wkning strngth. Sllrs ppr to b tking control of th mrkt, rising th possibility of mor losss hd for th mm-bsd cryptocurrncy.
Traders Observe PEPEs RSI Decline
A closr look t th 4-hour Rltiv Strngth Indx (RSI) pints concrning pictur for PEPE holdrs. Th RSI signl lin hs droppd to 46%, dclin from its prvious ris to th 50% thrshold. This drop indicts wkning buying prssur, with th RSI now moving dpr into brish trritory. An RSI rding blow 50% is typiclly sign tht sllrs r gining control, which could xrt dditionl downwrd prssur on PEPEs pric.
Ngtiv momntum is lso pprnt on th dily chrt, whr th tokn ncountrd rsistnc t $0.00000963, furthr vidncd by brish cndlstick formtion. With sllrs firmly in th drivrs st, th tokn is dging closr to criticl support lvl t th 100-dy SMA. Should this support lvl b brchd, it could mplify slling prssur, potntilly stting th stg for vn mor losss.
An nlysis of PEPEs RSI formtion on th 1-dy chrt offrs mixd outlook. Whil th RSI hs droppd from 55 to 53, it rmins bov th ky 50% thrshold, suggsting tht th mm coin still holds som dgr of strngth. Howvr, th downwrd trnd in th RSI my signl tht bullish momntum is bginning to fd, which could ld to furthr pric dprcition if th sitution dosnt improv.
Analyst Identifies Key Support for PEPE
In post on Octobr 6th, crypto nlyst Mn of Bitcoin providd tchnicl prspctiv, using Elliott Wv Thory to nlyz PEPEs pric movmnts. According to th nlyst, PEPE is currntly in wv-(4) of fiv-wv pttrn, sris tht oftn prcds ithr continution of bullish momntum or potntil brkdown.
Th nlyst pointd to crucil support lvl t $0.000008353, wrning tht if th pric flls blow this point, it could triggr brkdown in th currnt pttrn. On th flip sid, if it mngs to mintin support bov this lvl, th nlyst prdicts wv-(5) trgt of $0.00001265 or highr, signling potntil for furthr pric pprcition.
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Text source: TronWeekly
