PEPE The bullish momentum has been hit and the price retreats to a crucial support level at $0.00001748. This setback puts pressure on the bulls to hold the line as the bearish forces regain strength.
After an initial meeting showed promise, the inability to sustain the upward movement signals a critical moment for the meme coin’s price trajectory. PEPE now faces a decisive new test, with the $0.00001748 level emerging as a key point of contention between buyers and sellers.
If the bulls manage to defend this support, it could act as a springboard for a bounce, setting the stage for a fresh attempt to break through higher resistance levels. However, failure to hold above this threshold could result in further bearish activity, pushing PEPE even further down and signaling a deeper decline. correction.
PEPE retreats to $0.00001748: What is driving the pullback?
The PEPE bulls’ inability to maintain bullish momentum has been a major factor in the price decline. Buying pressure has eased after reaching resistance levels that tested market confidence, allowing the bears to regain control. Its inability to generate enough volume to break through areas of higher resistance suggests that the rally lacked the strength for a sustained upward move.
Key technical indicators, such as the Composite Trend Oscillator, have been pointing potential falling conditions in recent trading sessions. As a result, the PEPE price correction was anticipated as the market sought to restore equilibrium. The indicator’s movement towards neutral levels reflects this change, while the 100-day simple moving averages (SMA) show bearish crossovers that reinforce the current bearish trend.
PEPE’s setback must also be seen in the broader context cryptocurrency market. The recent volatility of major assets like Bitcoin and Ethereum has created an uncertain environment, causing smaller tokens like PEPE to experience amplified price swings. The bearish sentiment across the market has likely weighed on PEPE, compounding its difficulties in maintaining higher levels.
Key Support Analysis: Can $0.00001748 Hold?
The $0.00001748 level has become a critical support zone for PEPE as bearish The pressure intensifies. Historically, this level has provided a solid floor, preventing deeper declines during previous downtrends. Its ability to sustain depends on several factors, including market sentiment, volume dynamics, and broader cryptocurrency market conditions.
If the support at $0.00001748 holds firm, it could generate renewed buying strength, providing the bulls with the ability to regain control and push the price towards its previous high of $0.00002721. a decisive escape on top of this endurance could pave the way for the formation of new highs, which would indicate a change in market sentiment and further bullish momentum.
However, a clear break below $0.00001748 may indicate greater downside risk, which could push PEPE towards the next critical level. support at $0.00001313. Once this level is broken, the price could continue to decline, testing additional support zones.
Featured image from Medium, chart from Tradingview.com
