PEPE Faces Strong Resistance, Drops Below Key Support
Key Takeaways
PEPE, a well-known memecoin, once again failed to break through the resistance level of $0.00009. The price fell below the February support level, indicating continued selling pressure. Technical indicators show a weak recovery, while the overall market environment for memecoins remains challenging.
PEPE Under Strong Selling Pressure
The PEPE price dropped below the 78.6% retracement level, which corresponds to the price surge in the second half of 2024. This move pushed the price below the February low, confirming the dominance of sellers. Not only PEPE but also other memecoins are under pressure as the entire market experiences heavy selling.
Technical Analysis: Weak Recovery
The On-Balance Volume (OBV) indicator, which measures trading volume, has been moving sideways since December. This differs from the correction between May and August 2024, where volume declined more sharply. The Relative Strength Index (RSI) has remained below 50 since the beginning of the year, confirming the downward trend. A recently observed bullish divergence in the RSI could lead to a short-term recovery, but overall market sentiment remains negative.
Key Resistance and Support Zones
On the 4-hour chart, PEPE formed a sideways range towards the end of February. A brief breakout above $0.00009 was quickly rejected, highlighting the control of sellers. The mid-term resistance remains at $0.00009, while the next support level is found at $0.0000585.
Outlook: Sideways Movement or Further Decline?
Data from Coinglass shows that there are currently few liquidation levels below the current market price. This could suggest that PEPE will consolidate around $0.00007 before making a larger move. A strong recovery appears unlikely, while another test of the $0.000073 level could present a selling opportunity.
Our Assessment
The current market conditions do not favor a quick recovery for PEPE. Selling pressure remains high, while technical indicators do not signal a clear trend reversal. In the short term, the price may fluctuate around $0.00007 before establishing a new direction. Investors should closely monitor resistance and support zones and adjust their strategies accordingly.
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