Cryptocurrency PEPE has gone through a tumultuous week, crashing approximately 70% from its All Time High (ATH). At the moment, the price is hovering around a key support level of $0.0000011, and a key resistance level of $0.0000020. The recent downward trend follows an initial rally which pushed the value of PEPE over $1 billion in market capitalization. Since then, the trend has been on a consistent downward trajectory.

The past several days have seen an excessive amount of selling pressure, with both the volume and the price declining. This is reflective in the Relative Strength Index (RSI) which fell under 50, signifying a definite bearish trend. This trend is also supported by a bearish cross in the daily Moving Average Convergence Divergence (MACD).

Looking at the technical analysis of the PEPE market, it is clear that the bias is presently bearish, and that further downward momentum is likely in the near future. However, further downwards movement will largely depend on how buyers react if and when the price reaches key support levels. If buyers can push the price back up, it could challenge the current resistance level of $0.0000020. Until this point, it is difficult to forecast the price movements of PEPE.



Other News from Today