Following a recent fall, the PEPE Price caused tremors in the meme coin market and is now trying to recover.
The meme currency still receives bearish signals; therefore, the odds of a comeback could be better.
PEPE Recuperation Is Doubting
The PEPE price is gradually rising, which is encouraging. Still, a few other factors must be considered before this positive movement can continue. Sadly, this is not currently the case with the meme coin.
The first is the Relative Strength Index (RSI), a momentum oscillator that gauges the velocities and variations in price movements.
It is usually applied to determine whether a market is overbought or oversold. Values below 30 indicate oversold situations, and values above 70 indicate overbought conditions. The scale runs from 0 to 100.
Even with the minor rise, the indicator is still below the neutral line at 50.0. PEPE may confirm a possible comeback rally if it turns it into support. Until then, the possibility of a downturn hangs over the meme coin.
The possibility of investors recording profits also exists for PEPE. Approximately 26% of the participating investors are profitable when we look at the active addresses based on profitability.
This is not a positive indicator since profit-seeking investors typically execute transactions to book profits. Their concentration above 25% demonstrates their tendency to sell their holdings. As a result, profit-taking could contribute to PEPE’s potential for further deterioration.
PEPE Price Forecast: Regaining Crucial Support
With a price of $0.00001173, PEPE Price is barely marginally above the $0.00001146 support line. The meme coin was trading just below this line, almost below $0.00001007, until last week.
This level offers robust resistance and support and has been tested before. PEPE Price must continue to be above this line in order to have any hope of recovering the profits it recently lost.
However, there is a good chance of a significant decline if support is withdrawn. The meme coin may drop significantly to test the $0.00000775 support level, refuting the bullish premise and prolonging the losses.
