Pepe Price is confronted with renewed bearish pressure while struggling to break over the critical resistance level of $ 0.00001152. The recent failure to push higher has left the tokens consolidation, by pointing out a possible downward movement if buyers do not regain control. With market sentiment tilting in favor of the bears, traders are braced for what a different sale of the wave of sales could be.
If bulls cannot generate enough momentum, Pepe can slide further and test lower support zones in the coming sessions. The battle between buyers and sellers at this level will be crucial in determining the next major movement of the token.
Pepe Consolidation near Resistance: a demolition or rebound?
The price action of Pepe remains trapped in a consolidation phase just below a crucial resistance level, which indicates market decision. The recent failed breakout attempt emphasizes the strength of sellers in this zone, so that the bullish momentum does not take over. As the price struggles to push higher, the risk of a potential breakdown increases, especially when Bearish is busy intensifying.
The price continues to act under the 4-hour simple advancing average (SMA), indicating that the meme-mint is still under negative pressure. This price promotion suggests that the market sentiment remains tilted to the disadvantage, because it emphasizes a lack of purchasing power to break above the SMA.
Moreover, the relative strength index (RSI) trending is below the 50% threshold, which further supports the Bearish -front views. Usually the position of the RSI below this key level indicates that the sales pressure is currently stronger than buying, where the market leans more to the disadvantage.
Further downward movement remains high until the price can break through the 4-hour SMA and the RSI maintains a movement below the main level of 50%.
Crucial support zones in focus as sales pressure rises
With sales pressure on the market, $ 0.00000766 is the first level of support to view. Historically, this level has proven to be a critical prize that acts as a psychological and technical barrier. If the price above this level can maintain, this can indicate that buyers still keep the line and offer a potential for stabilization or even a rebound.
If the sales pressure continues, the $ 0.00000589 is the next key area to view. This level of support represents a deeper defense point for Pepe, and its ability to retain can be crucial for preventing a more significant decline. A drop under $ 0.00000589 would take care of it because it can expose the price to a possible extension of the Bearish Trend, so that traders re -evaluate their positions.
However, if the price remains above the level of $ 0.00000766, this can release the road for an increase to the resistance level of $ 0.00001152, because buyers are in control. A break above this level indicates further profit, with the price focusing on $ 0.00001313 and moves above 100-day SMA.
Credit : www.newsbtc.com
