PEPE Slides 36% Fighting for Stability at Key Support Amid Bearish Pressure

PEPE has lost 36% from its peak, breaking below crucial EMAs and nearing oversold RSI levels. A recovery depends on holding key support and breaking resistance at $0.00001950, while further declines may test long-term stability.

PEPE Battles a 36% Drop Amid Market Uncertainty

PEPE's value has plummeted, falling 36% from its latest high. The coin has been struggling to recover from its precipitous fall and is now trading at a price near $0.00001806.

Recently, PEPE's daily chart revealed that it had fallen below the 26 EMA, which had served as strong support during its ascent. The 50-day exponential moving average is currently at approximately $0.00001611. In determining whether PEPE can stabilize or undergo further reductions, this point will be vital.

Key EMA Levels Test PEPE's Stability

If the token falls below this level, the 200 EMA, which has historically indicated long-term trend stability, is also nearby, making it the second critical support zone, U.Today shares.

Attempts to recover the token have met with repeated rejection at the $0.00001950 mark, which poses immediate impediment to further gains. Breaking this level might pave the way for a rebound towards $0.00002030 and beyond.

Market Sentiment and Profit-Taking Weigh on PEPE

The decline in PEPE is due to early adopters cashing out following the token's massive surge in November. Speculative assets have also lost some of their luster due to the generally gloomy market outlook. Both the volume and momentum of trades have decreased, highlighting the cooling demand even further.

In spite of the current gloom, PEPE has a chance to revive. The asset can attract speculative buyers looking for quick profits as the Relative Strength Index (RSI) enters oversold territory. If PEPE can maintain its price above $0.00001950 and break through the 50 EMA, it might make up some lost territory.

If PEPE recovers and breaks out over $0.00001950, a bullish scenario might unfold, sending the price soaring to $0.00002030 or even higher.

In a bearish scenario, the token might drop to $0.00001308, where it would test its 200-day exponential moving average (EMA) and the stability of the long-term trend.