The price of PEPE is close to a crucial support level as bearish momentum remains strong and a potential reversal level is present. At the time of writing, PEPE has a price of around $0.0000850 and could act as the major support before a potential downturn occurs.
On the other hand, the PEPE community continues to expand with over 212 new PEPE holders recorded today. The volatility in the market due to the upcoming elections may soon decrease.
Key Technical Levels and Market Sentiment
The latest price movement of PEPE has sharply declined in a sustained manner and the memecoin is currently hovering around the lower Bollinger Bands at 0.00000845.
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The 20-day SMA at 0.00000978 is positioned higher than the current price, this further supports the bearish outlook and acts as a resistance point. However, to get out of this bearish trend, the price of PEPE needs to surpass the SMA and Upper Bollinger Band at 0.00001111.
The Relative Strength Index (RSI) for PEPE is at 41.48, which suggests mild bearish pressure but not in oversold territory, which is usually below 30.
Should the RSI decline further, selling pressure could build up for the bears to take over the price’s momentum but if it rises above 50, then bullish momentum may be seen.
Analyst Highlights Crucial Support and Potential Upside For Pepe
Analyst Pidgeon on X pointed out $0.00008500 as the important support level for PEPE. According to the analyst, if prices climb above this support, a bounce to 0.00009800 is likely, where resistance is expected.
In the same case, if this upward trend persists and PEPE moves above the 0.00011000 resistance level, Pidgeon forecasts an even more significant target of 0.00013500.
$PEPE Chart Analysis
The frog coin is reaching an important level once again as it trades into the 0.[5]8500 region.This level marks the last major support before much lower prices again.
If prices succesfully holds the level we’d expect it to trade back towards 0.[5]9800… pic.twitter.com/TVNUrjWhI5
— Pidgeon (@PidgeonTrades) November 2, 2024
Pidgeon also added that a test of the 0.00008400 support level may result in a steep bearish trend with targets at 0.00007800, 0.00007050, and even further down to 0.00005800.
Analyst Plazma reported that the number of PEPE holders continues to increase, with a gain of 212 new holders today alone. Despite its recent price consolidation, this trend reflects growing interest in the token as community members remain optimistic about its long-term potential.
+212 new $PEPE holders today.
Price still consolidating but holders keep going up.
Next week we get the election and this uncertainty will be behind us.
Enjoy your weekend frens.
💚🐸 https://t.co/8M9Nwbyvut pic.twitter.com/RSE92sV9lh
— Plazma (@Plazma0x) November 2, 2024
With next week’s elections potentially impacting broader market sentiment, the increase in PEPE holders suggests that some investors may be preparing for post-election stability.
Additionally, analysts note that this ongoing accumulation could help support the price, especially if technical levels hold. Community confidence remains high, with supporters considering the current price levels an attractive entry point given the anticipated post-election market clarity.
