PEPE Price Hovers Around Crucial Resistance Zone
The PEPE cryptocurrency has reached a crucial level on its price chart, which could determine its next short-term move. On Binance's 15-minute chart, PEPE traded at $0.00000449 on September 24, positioning itself around the $0.00000445, $0.00000450 resistance zone.
An inverted head and shoulders pattern has formed in the price action of PEPE, with the left shoulder at $0.00000405-$0.00000410, the head at $0.00000400, and the right shoulder at $0.00000410, $0.00000420. This setup indicates that buyers need to clear the $0.00000450 neckline.
The 4-hour chart of PEPE shows a rising structure formed through late August and September before breaking above the upper trendline around September 19. However, the current price of $0.0000043296 is below the 9 EMA at $0.0000044898, indicating weaker momentum.
The RSI reading on the 4-hour chart is 45.86, below the 50 midpoint and its signal reading of 57.44. This points to bearish divergence near the $0.00000550 high, where price made a higher high while RSI made a lower high.