PEPÉ is facing intense bearish pressure, with its price heading lower towards the critical support level at $0.00000589. Recent market action has shown that bears are firmly in control, pushing the token closer to this key threshold. With sellers continuing to dominate, the question is whether bulls will be able to step in to defend this level, or is PEPE set for further declines.

In this article, we will analyze the recent price action of PEPE as it approaches the critical support level at $0.00000589 by examining key technical indicators and market dynamics. We will examine whether bulls can prepare a defense to prevent further losses or whether bears will drive the token down, aiming to provide a potential future Prospects for cryptocurrency.

WITH market market capitalization exceeding $2.8 billion and trading volume exceeding $602 million, PEPE was trading at around $0.000006683, reflecting a decline of 6.47% at the time of writing. Over the last 24 hours, the market capitalization has fallen by 6.47%, while trading volume has increased by 74.80%.

Current market sentiment: bearish signals dominate

On the 4-hour chart, even though PEPE is trying to go up, it maintains a downward trajectory after successfully breaking through the $0.00000766 level, still trading below the 100-day basic moving average (SMA). The asset is approaching the $0.00000589 support level, and the negative market sentiment persists.

Additionally, the Relative Strength Index (RSI) on the 4-hour chart is currently at 31%, indicating that PEPE is in oversold territory. This level suggests that selling pressure has been robust, potentially suggesting a short-term rebound or consolidation if the bears fail to maintain their dominance.

On the daily chart, PEPE has shown significant bearish momentum since breaking through the $0.00000766 level and trading below the 100-day SMA. While cryptocurrency is currently attempting an upward move, this rebound may be short-lived due to the prevailing bearish sentiment which continues to put pressure on the price.

Finally, the RSI signal line on the one-day chart is currently at 36%, still below the 50% threshold, suggesting that PEPE remains under downward pressure, with potential for the bears to regain control and drive the price down.

What’s next for PEPE: Outlook for the coming days

The current downward trend, characterized by a negative momentum indicators suggest that bears could push PEPE price towards the $0.00000589 support level. If this support is broken, it could trigger further bearish action, potentially pushing the asset towards the $0.00000398 support level and possibly lower.

However, if PEPE rebounds from the support level at $0.00000589, it may return to resistance level at $0.00000766. If the cryptocurrency breaks through this level, it could be a signal for further upward movement, potentially targeting the $0.00001152 resistance range and other higher levels.

Featured image from iStock, chart from Tradingview.com