PEPE on the Edge: Can Bulls Defend $0.000008319?

• PEPE trades at $0.00001015 with weak volume, down 2.84% on the week under selling pressure.
• The critical $0.000008319 level acts as support, and a breach may establish a bearish diagonal trend.
• Sellers dominate with RSI at 43.67 and negative MACD, but support levels may spark a rebound.

The meme cryptocurrency PEPE is experiencing pressure as it approaches key support. The selling activity dominates the market, and bulls fight to hold the key ground. The direction taken by the coin next is determined by the ability of buyers to hold or the ability of the bears to push the prices down. 

At the time of writing, PEPE is trading at $0.00001015. The token has grown 0.09 percent in the last 24 hours. The volume of trading has fallen by 2.21 percent to $556.85 million. PEPE has dropped 2.84 on a weekly basis, indicating that the performance is still under downward pressure.

Source: CoinMarketCap

PEPE Support Level Signals Short-Term Market Direction

Crypto analyst Man of Bitcoin highlighted that PEPE has a valid corrective structure so long as the token trades above $0.000008319. He pointed out that this level of support is vital in defining the short-term direction of the coin.

A fall below this level may be a decisive confirmation of a diagonal bearish pattern. This would probably cause further consecutive falls, and the level is expected to be a point of high interest to traders as they watch the next move of PEPE.

Source: X

Additionally, Jireon, another analyst, mentioned that PEPE is in a declining wedge pattern. The token is approaching its support trendline. He anticipates a potential bounce back after price movement regains symmetrical triangle resistance. This tendency indicates a temporary recovery can develop in case of an increase in purchasing power.

Source: X

Also Read: Ethereum Trades in Tight Range With $4,000 Support and $4,900 Resistance

RSI at 43.67 and Negative MACD Highlight Market Pressure

The Relative Strength Index (RSI) value is 43.67, and the signal line is 44.90. The level indicates that PEPE is not oversold, and momentum is low. The bearish tilt is indicated by the signal line located beneath the reading. Traders will perceive this price level as a sign that the market remains under the control of sellers.

Source: TradingView

The MACD line is at -0.00000035, and the signal line at -0.00000027. The histogram gives -0.00000008, which indicates negative momentum. This arrangement indicates that sellers are still in control. Nevertheless, the reduction in the distance between the MACD and the signal line indicates a potential recovery effort.

PEPE is still in a weak position. A rebound against support would be a relief to bulls. A failure to hold current levels would complete bearish control and probably drive the coin to new lows.

Also Read: Cronos Surges on $6.4 Billion Treasury Plan, Eyes $0.33