On December 9, after PEPE formed a historical high, the price dropped nearly 8% in the past 24 hours. This pullback is closely related to multiple technical indicators, especially the RSI (Relative Strength Index) and 7D MVRV magnitude, suggesting that PEPE may face further downward pressure.
RSI is approaching the overbought zone, and it may continue to decline in the short term.
PEPE's RSI is currently at 33.3, approaching the critical oversold level of 30. The RSI value reflects the speed and magnitude of price fluctuations of the asset, and an RSI of 30 typically indicates that the market is oversold and may reverse.
However, the current RSI is close to this level and has significantly declined since December 16, indicating increased selling pressure in the short term and potential ongoing risks.
MVRV indicates panic among short-term holders.
PEPE's 7D MVRV (Market Value to Realized Value) is -9.3%, significantly lower than the historical high of 17% on December 8. This negative value indicates that short-term holders are currently in a loss position and reflects increased selling pressure in the market.
Historical data shows that before the price of PEPE rebounds, the MVRV usually drops to the -12% to -15% range. Therefore, the current negative MVRV may indicate that the price will undergo a period of adjustment before rebounding.
Support and Resistance Levels: Key Points in Price Movement
PEPE is currently facing a critical support level at $0.0000188. If this support level is broken, it could trigger further downward trends, with a target price of $0.000017, and it may even drop to $0.000011.
This bearish outlook, suggesting a maximum pullback of up to 47%, is supported by the EMA (Exponential Moving Average), where the short-term EMA crosses below the long-term EMA, forming a 'death cross', further implying sustained downward momentum.
If PEPE can stabilize at the current support level and restore buying interest, it could see an impressive short-term rebound, firstly challenging the resistance level at $0.0000227. If it successfully breaks this level, the next target price will be $0.0000259, and further upward potential may push the price of PEPE to $0.000028. Public Announcement: Liu Liu says Coin.
Conclusion:
PEPE's price is currently facing increased downward pressure, RSI is close to the oversold zone, and the 7D MVRV shows short-term support for holders, which may indicate further pullback in the short term.
If the $0.0000188 support level can be maintained and market sentiment changes, PEPE could still be exciting, with target prices of $0.0000227 and even higher at $0.0000259.
