PEPE Price Topples After 68% Weekly Surge Hits Overbought Territory

The price of PEPE has risen by 68% over the past week to $0.00000424, putting it in overbought territory according to the Relative Strength Index (RSI) at 79.59.

However, a closer look at the technical indicators reveals some warning signs for traders who have been riding the wave of this rally.

The MACD histogram has turned bearish while the price is still elevated, indicating divergence and potentially violent downward movement in the absence of earnings, yield, or real floor support.

A key resistance level to watch on the upside is $0.00000586, which would represent a 38% move from current levels if PEPE grinds higher.