Pepe Price Analysis: Bearish Pressure Mounts on Pepe as RSI Hovers Low, Is a Rebound Looming?

Pepe (PEPE) 's price has been bearish in the last 24 hours, swaying between an intra-day high and low of $0.0000117 and $0.00001133, respectively. PEPE was exchanging hands at $0.00001144 at press time, a 1.12% decline from the resistance level. During this period, PEPE's market capitalization and 24-hour trading volume fell by 1.13% and 10.67%, respectively, to $4,813,055,186 and $440,269,184.

Bearish Signals and Market Sentiment

In the meantime, several market indicators have pointed towards the bearish sentiment surrounding Pepe Coin. Even though the bulls have offered some short-lived price increases, the meme-coin has been incapable of crossing past the 50% Fibonacci retracement level at $0.000013. The daily RSI stood just around the neutral 50 level, failing to show any signs of a momentum change. Similarly, the Chaikin Money Flow (CMF) was previously under -0.05, showing substantial capital outflows.

The said bearish pressure is further compounded by the dominance of shorts over the market, which recent liquidation data uncovered in the past two days. When a much higher quantity of short liquidations compared to longs appears, this seems to draw a picture of a lack of confidence in the price rally for the short term

From a technical perspective, in PEPE's price action, traders were watching key levels. At $0.0000107, it was strongly supported by the 78.6% Fibonacci retracement level, which kept the price from dropping further. The resistance level at the 50% retracement level at $0.000013 proved strong, providing a massive barrier to upside movement.

The Liquidation Heatmap suggests that should selling pressure increase, large pools of liquidity may start to rest in the $0.000008–$0.000009 area which might attract the price down there. If the bulls take control of the present impulse of buyers, the next target about liquidity is around the $0.000018 level. Locally, liquidity areas around $0.0000122 and $0.0000134 might also show price bounces in tries to squeeze short positions.

Recent Market Movements and Investor Activity

Despite the bearish trend, there have been moments of positive market activity. Notably, overnight, a $300 million absorption at a crucial support level has sparked some optimism among investors. Additionally, a social media post by VanEck featuring a frog meme contributed to a temporary price rebound. 

Looking ahead, traders are advised to watch critical technical indicators to determine whether a trend reversal is in order. The current RSI of 40 indicates a growing downtrend. However, the 50-day Exponential Moving Average of around $0.0000118 will pose a barrier to any solid upward move in the near term. 

Market participants will likely watch out for possible buying entries around this support area, probably looking at $0.00001085. A breakout above the 50-day EMA would show a sign of recovery, but still, caution is applied due to the predominant bearish sentiment.