The PEPE price chart shows a clear shift in momentum over the past few months. The price experienced a significant rise in early 2024, with a parabolic movement leading to a sharp increase in price.
However, since peaking at the $0.00002726 resistance level, Pepe price has entered a descending channel pattern characterized by lower highs and lower lows, according to GeckoTerminal data.
This pattern is usually bearish in the short term, but can sometimes indicate a consolidation phase before a breakout if volume or other factors align.
The upper boundary of the descending channel acts as a resistance level, while the lower boundary provides support. Currently, the price of PEPE is trading near the middle of the channel at approximately $0.00001845, indicating uncertainty in the market.
Additionally, PEPE is hovering near the 50-day simple moving average (SMA) at $0.00002030, which is currently acting as a resistance level. The 200-day SMA at $0.00001288 is well below, providing a support zone in the long term.
The price interaction with these SMAs indicates a battle between bulls and bears, with short-term bearish pressure still dominating.
Meanwhile, the relative strength index (RSI) is currently at 48.03, just below the neutral level of 50. This indicator indicates that the market is neither overbought nor oversold, reflecting a state of equilibrium.
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