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The meme-inspired cryptocurrency PEPE has once again captured the attention of traders as its price demonstrates remarkable resilience, holding firm above a key 100-day simple moving average (SMA) after a brief pullback. This technical strength has sparked speculation about whether PEPE is gearing up for a bullish continuation, potentially reigniting its upward momentum.
With traders closely monitoring price action, a breakout above nearby resistance could confirm a bullish continuation, setting the stage for further gains. However, failure to maintain support may shift momentum in favor of the bears as PEPE hovers at this critical juncture.
PEPE Recent Price Action: A Snapshot
PEPE has been displaying steady price movement, holding above a key support level and maintaining bullish momentum. After bouncing from recent lows, the meme coin has managed to stay above a crucial moving average. This stability suggests that buyers are still in control, preventing a deeper pullback and keeping the uptrend intact.
Technical indicators continue to support a bullish outlook for PEPE. The Relative Strength Index (RSI) remains in positive territory, reflecting sustained buying momentum. If the RSI holds its current course, it can strengthen the case for more upside, suggesting that the uptrend has room to extend.
Trading volume has remained consistent, indicating sustained interest from market participants. However, resistance levels ahead will play a crucial role in determining whether PEPE can extend its rally or face a temporary slowdown. If bullish momentum strengthens, the price could push toward the $0.00000766 resistance level.
A decisive breakout above this level serves as a strong bullish confirmation, paving the way for further upside. Should buying pressure intensify, PEPE may rally toward the next significant resistance, attracting more traders looking to capitalize on the upward trend.
Bearish Scenario: Key Support Levels If Momentum Shifts
While PEPE remains in bullish territory, a shift in momentum will open the door for a potential pullback. If selling pressure increases, the first key support to watch is the moving average level that has been acting as a price floor. A break below this level could weaken bullish confidence and trigger a deeper decline.
Further downside raises the risk of a decline toward secondary support zones such as $0.00000589 and $0.00000398, where buyers may attempt to regain control. Failure of the bulls to defend these levels will open the door for other support levels to be tested. Additionally, declining volume and a bearish crossover in momentum indicators such as the MACD or RSI could further confirm a shift in sentiment.
For now, the uptrend remains intact, but traders should remain cautious of any signs of weakness. Holding above these key support zones will be crucial in determining whether bulls can maintain control or if bears will take over.
Featured image from Adobe Stock, chart from Tradingview.com
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