- PEPE tests a crucial support zone, with traders watching for a potential rebound or deeper correction amid market uncertainty.
- Volume spikes confirm strong trading activity, reinforcing key price levels that could determine PEPE’s next move.
- A further drop below the accumulation zone may invalidate bullish hopes, while strong buying could trigger a recovery.
The PEPE/USDT trading pair recently experienced a trend breakdown, raising concerns among market participants. The price has moved below a key ascending support trendline, indicating a potential shift in momentum. The price hovers around 0.00001311 USDT, reflecting a 5.64% increase.
However, analyst CryptoKaleo warns that another price flush could occur before a potential recovery. The market structure remains at a critical decision point, where traders closely monitor support and resistance levels.
Key Support and Resistance Levels
A red-circled region highlights a key breakdown area where PEPE lost support. Additionally, a green rectangular zone identifies a previous accumulation area where strong buying pressure may emerge. The price could retrace to this zone before attempting a rebound.
The projected price movement suggests a potential retest of this support before an upward move. However, a further breakdown below the green zone could invalidate a bullish recovery scenario. Besides, volume spikes during major price movements confirm the presence of strong trading activity.
Market Trends and Volume Analysis
The PEPE price action follows a broader uptrend with periodic corrections. The recent breakdown suggests a shift in sentiment, with traders positioning themselves accordingly. Moreover, the volume indicator highlights notable spikes during key price movements, reinforcing the importance of these levels. A previous breakout above a descending trendline in early 2024 led to a price surge. Consequently, the market now tests critical levels that could determine its next direction.
Buy and sell orders indicate a tight spread, with bids at 0.00001313 USDT and asks at 0.00001312 USDT. This liquidity structure reflects strong participation from traders. However, the next decisive move depends on whether buyers can defend the support zone effectively. If the price holds, an upward movement could align with historical trends. Otherwise, a deeper correction may follow, affecting overall market sentiment.
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