- PEPE fell 10.2% to $0.055212 and retreated without penetrating the $0.055158 support.
- The price remained limited below the point of resistance of $0.055805, and it was trading within a narrow process of 24 hours.
- Decreases versus BTC (8.0%) and ETH (7.1) were dollar weak, and thus reflect widespread selling pressure.
PEPE has been trading at a low price in the past 24 hours and the price movement indicates continuous selling and narrow technical bands. It traded at $0.055212, which is a 10.2 percent drop in the session. This decline coincided with PEPE also falling against major pairs with losses of 8.0% compared to BTC and 7.1% compared to ETH. Interestingly, these transactions continued to lock the price action in a very tight intraday framework establishing the mood of cautious and reserved buying.
Price Holds Near Support as Volatility Stays Contained
The price action was held almost in place at the support level of $0.055158 which slightly stabilized the price action although the direction continued to be down. But, there were always recovery efforts that were topped by sellers around the level of resistance of $0.055805.
This caused PEPE to swing inside its claimed range of 24 hours and restrict directional growth. Remarkably, this bottlenecked volatility and emphasized equilibrium between the sellers and the supporters protecting resistance and support, respectively. This contact defined the technical structure according to which the further movement was developed.
PEPE Faces Cross-Pair Weakness as Price Tests Key Levels
Together with the dollar-based decline, PEPE experienced significant weakness in its key trading pairs. The token was trading at 0.0105604 BTC, that is, a 8.0% decrease, and its 0.081624 ETH value was a 7.1% decrease. Short term stabilization is still intact with price support of price holding above $0.055158.
Nonetheless, the inability to sustain this would bring PEPE to an even greater range spread to the downside. In its turn, a medium-term break of the resistance higher than $0.055805 will cause the price to revert to the top segment of the range. It is interesting to note that the structure that is currently in place allows both results, depending on the reaction of prices at these limits. Since the trading in this system takes place, the relationship between the support defense and resistance pressure is the determinant factor that defines the near term movement.
