PEPE Price Faces Resistance: What Traders Need to Know

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Recent price action of the PEPE price on the 4-hour chart has revealed a market struggling to maintain its bullish momentum, as the asset currently trades just below key resistance levels. Despite brief attempts to push higher, the PEPE price has consistently faced selling pressure near the $0.00000803 mark, which has now solidified as a critical resistance level. This level is followed by additional resistance at $0.00000804 and $0.00000805, which will need to be cleared before any sustainable bullish movement can occur.

Pepe Price Technical Overview

The 9 Exponential Moving Average (EMA) has recently crossed below the 20 EMA, suggesting a bearish trend is forming. This crossover is often a precursor to further downside, especially when accompanied by weakening momentum indicators. The Moving Average Convergence Divergence (MACD) is also reinforcing this bearish outlook, with the MACD line consistently staying below the signal line. Meanwhile, the shrinking histogram indicates a potential slowdown in bearish momentum, but this alone is not sufficient to suggest a reversal, especially with the current market sentiment.

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The Relative Strength Index (RSI) has hovered around the oversold territory, bouncing between 28 and 37. While this suggests that the market is nearing a potential reversal zone, it’s crucial to note that oversold conditions can persist in a strongly trending market. The RSI’s inability to break above 50 reflects a continued bearish bias, and traders should be cautious about entering long positions unless there’s a clear bullish divergence or a significant change in market structure.

Key Levels To Watch

Given the current technical setup, the PEPE price faces a challenging path forward. A break above the $0.00000803 resistance could signal the start of a new bullish phase, with the next targets at $0.00000804 and $0.00000805. However, failure to break this level could result in a retracement towards the support at $0.00000620, where buyers might look to enter.

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For short traders, the PEPE price getting rejected at the current resistance levels could provide a favorable entry point, targeting the $0.00000620 support zone. Conversely, long traders should wait for a confirmed breakout above $0.00000803 with increased volume before entering the market. Both trading strategies should incorporate tight stop-losses given the volatile nature of the PEPE price.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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