The PEPE token is facing selling pressure after a sharp reversal from its peak, with traders monitoring key support levels.
Price Movement Analysis of PEPE
Veteran trader Matthew Dixon shared an analysis on X, pointing to a bearish divergence and a potential continuation of the token’s ongoing correction. According to him, PEPE formed a higher high in mid-July, while the RSI (Relative Strength Index) created a lower high, confirming a bearish divergence.
Key Support Levels
PEPE price is holding around a key support zone between $0.000010 and $0.0000095. If the price slips below this area, selling could pick up fast, with the next support sitting near $0.00000880 and $0.00000820.
Future Movement Prospects
Dixon notes that a strong move above $0.0000125 with volume could mark the end of the ABC correction and set up a rebound toward $0.0000138 to $0.0000150. However, until that breakout happens, any bounce is likely just a short-term recovery.
Current market conditions for PEPE remain uncertain, and the lack of direction is causing traders to be flexible. Possible scenarios indicate that the token may experience both recovery and further decline over the short term.
