Crypto
Fragile Support and Bleeding Momentum: PEPE's Bearish Setup
PEPE's price has been stalling at $0.00000363 after a short squeeze pushed it 10-13% higher on September 4, alongside Bitcoin's pop to $81,000.
The momentum indicators are hollowed out, with the Relative Strength Index (RSI) sitting at 55.93 in the dead center of its volatility range and the Moving Average Convergence Divergence (MACD) histogram flipping negative.
Binance spot volume has collapsed by over 90% from its peak on September 4, indicating that the squeeze is over and the question now is where the reversion will land.
The support architecture around PEPE is fragile, with the 50-day Simple Moving Average (SMA) at $0.00000307 and the 200-day SMA at $0.00000332 both compressed tightly beneath current price.