PEPE Price Tests $0.0000041 Support Amid Bearish Pennant Formation
The price of PEPE has been hovering around $0.00000433 after its recent rally, which is currently cooling down. The daily RSI stands at 57.96, indicating weaker momentum compared to the rally, but still above 50, making it a stronger setup than during the summer lows.
According to Crypto With Gopal, PEPE is forming a bearish pennant on the 4-hour chart after a sharp upward move. The price is consolidating within a narrowing triangle, signaling a potential continuation of bearish momentum. Key support is at $0.0000041, and a breakdown could open the door towards the chart's lower end.
The weekly MACD histogram remains above zero, indicating improving weekly momentum, while the 100-week average stands at $0.00000805, representing a wide gap between the recent recovery and longer-term overhead resistance.