PEPE has been in a prolonged downtrend, but a recent 8.31% gain raises questions about a potential trend reversal. Let's examine technical indicators and key levels.
Chart Analysis and Technical Indicators
PEPE’s daily chart shows a consistent downtrend since its peak last year. The Heikin Ashi candles illustrate strong bearish dominance, but the latest green candle indicates some buyers are attempting to reverse the trend. The support level around $0.00000635 is holding, preventing further downside. If this base is maintained, PEPE might reach $0.00000850 or $0.00001000. Otherwise, the price could fall towards $0.00000500, leading to another wave of selling.
RSI Signals
The current RSI level is at 39.68, up from the oversold level of 27.23, indicating PEPE was extremely oversold, possibly triggering the relief rally. For a trend reversal, the RSI needs to climb above 50, indicating increased buying momentum. If PEPE fails to reach this level, the bounce might lose steam, resuming the downtrend.
MACD Overview and Potential Moves
The MACD shows a bearish crossover with the MACD line slightly below the signal line. However, shrinking histogram bars indicate weakening selling momentum. A crossover above the signal line could confirm a bullish trend reversal, potentially pushing PEPE towards the resistance at $0.00001000. However, caution is still warranted; if the MACD remains negative, the recovery may not last.
For now, $0.00000750 remains the key breakout level, while $0.00000635 is the critical support. If PEPE can maintain these levels and show substantial volume, a new uptrend may be in sight.
