The price of PEPE has shown a slight recovery, bouncing 10% from its recent low of approximately $0.000006500, marking a potential shift in the market. This recovery, observed through the candlestick formation, offers a glimmer of hope for traders following the recent downturn. However, it remains uncertain whether this bounce can be sustained, as PEPE’s overall trend has been bearish.
Price Movement and Downward Trend
Since mid-August, PEPE has exhibited a steady downward trend. Its price has dropped from a high of $0.000009500 to the recent low of $0.000006500. This prolonged downtrend follows a fractal pattern, suggesting the repetition of past price behavior. The ongoing decline has been gradual, reflecting a generally bearish market sentiment surrounding the token. Nevertheless, the recent 10% bounce provides a temporary break from the continued descent, with traders closely watching how long this upward movement will last.
Pepe Price Soars 11%, Meme Coins Exhibit Bullish Trends
Despite the recovery, the overall trajectory of PEPE continues to lean downward. With the bounce off the $0.000006500 level, traders are evaluating whether the token will encounter more resistance in the near future. As of this writing, PEPE is priced at $0.000007004, showing a 2.19% increase in the last 24 hours but a 3.11% decline over the past week.
Ongoing Market Uncertainty
The moving averages on the chart offer insights into PEPE’s market momentum. The short-term moving average, represented by the green line, is on a sharp downward slope, indicating continued bearish sentiment.
Meanwhile, the mid-term moving average, depicted by the red line, has started to flatten, suggesting possible stabilization. However, this trend is still negative, and it may take more time for a shift in market sentiment.
In contrast, the long-term moving average, shown as the orange line, remains flat, hovering above the current price levels. This flat trajectory indicates that the long-term trend has yet to catch up with the recent volatility, though this may change if the downtrend continues or if prices stabilize.
Future Price Resistance
Should PEPE hold above its current price, it could retest resistance levels around $0.000007700. However, the possibility of a reversal remains, especially if the price drops back to the $0.000006500 support level. The market sentiment surrounding the token will play a crucial role in determining whether the price will continue its upward momentum or resume its downward trend.
