The price of the cryptocurrency PEPE has dropped by almost 8% in the past 24 hours, following its all-time high on December 9. Momentum indicators suggest that PEPE is nearing oversold territory but has not yet reached the critical threshold of 30, leaving room for further correction. The 7-day MVRV Ratio indicates significant short-term holder losses, potentially leading to a downside of -12% to -15% before a rebound. The RSI (Relative Strength Index) for PEPE is currently at 33.3, indicating a sharp decline and approaching oversold levels. The drop in RSI, combined with the ongoing correction and increased selling pressure, suggests bearish sentiment in the short term. The support level at $0.0000188 is critical, as a breakdown could lead to further declines. On the other hand, if positive momentum is regained, PEPE could challenge resistance levels at $0.0000227 and potentially reach targets of $0.0000259 and $0.000028.



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