PEPE Slips Into Correction: Here Are Key Levels To Watch For A Rebound
November 08 2024 - 7:30PM
NEWSBTC
After a strong upward momentum, PEPE is showing signs of fatigue,
slipping into a correctional phase, with traders speculating on
what might come next. As the token retraces from recent highs,
attention now turns to pivotal support levels that could dictate
its recovery potential. Will these key levels hold the line and
fuel a bounce-back, or is PEPE in for a longer dip? This article
will provide an in-depth look at PEPE’s current price movement
within its correctional phase. By highlighting significant support
and resistance levels, this piece seeks to equip investors and
traders with valuable insights into possible rebound zones and the
factors that could influence its recovery or further declines.
Understanding PEPE’s Correction: What Triggered The Pullback? PEPE
has recently taken a bearish shift on the 4-hour chart,
encountering strong resistance at $0.00001152. This struggle to
sustain the uptrend has triggered a decline, pushing the asset
toward the 100-day Simple Moving Average (SMA). A drop below this
SMA could amplify selling pressure, while a rebound might signal a
potential price reversal. An analysis of the 4-hour Relative
Strength Index (RSI) suggests that bullish strength may be waning.
Currently, the RSI has fallen to around 68% from the overbought
zone, indicating that the buying pressure is diminishing. If the
RSI continues to drop, it may indicate that the market is becoming
more oversold, possibly paving the way for a deeper correction.
Related Reading: Analyst Says PEPE Bearish Continuation Is Possible
For A 50% Price Crash On the daily chart, PEPE is exhibiting
significant negative movement, as reflected by a bearish
candlestick. This ongoing downward trend highlights a prevailing
selling pressure within the market. Although the meme coin is
currently trading above the 100-day SMA, which is typically seen as
a bullish indicator, the strength of the bearish candlestick
suggests that upward momentum may be limited. Finally, on the 1-day
chart, the RSI signal line is approaching the critical 50% level
after rising above it. The 50% mark represents a neutral zone,
suggesting a balance between buying and selling pressure. A dip
below 50% could signal a shift towards bearish sentiment, while
holding above or climbing back above 50% may imply continued
bullish strength, possibly leading to more price gains. Where PEPE
Could Find Stability Key support levels are crucial price points
where PEPE could find stability and reverse its current downtrend.
One of the primary support levels to watch is the $0.000000766,
which has historically acted as a crucial level of support. If
PEPE’s price approaches this level, it could trigger renewed buying
interest, potentially leading to a rebound. Related Reading: PEPE
Midterm Price Prediction: Is A 326% Rally To $0.00003474 Possible
From Here? However, should the meme coin break this level, it could
lead to a prolonged decline, possibly pushing the price toward
$0.00000589 and beyond. Featured image from Shutterstock, chart
from Tradingview.com
Pepe (COIN:PEPEUSD)
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