#pepe has been on a run recently, increasing by 4.61% in the last day and 14.5% in the preceding seven days, while several other prominent cryptocurrencies have been rather flat this week.
The latest fiasco, in which alleged former team members took $15 million from the project's multi-signature wallet, has caused many investors to remain wary.
Because of this, investors started selling off their shares in August and September because they were worried about the project's safety. The price hit a low of $0.000000594, but purchasers appear to have recovered the initiative, as it is now trading at $0.0000007878.
Although Pepe has shown strength, it has rejected the critical resistance level.
In addition to the recent problems with $PEPE Coin's security and transparency, the fact that its price is near a key resistance level is cause for concern.
Price action indicates that Pepe is maintaining his respect for the resistance level. This identical level provided support in August before acting as resistance after a breakdown.
As long as the price of Pepe is below its key resistance level, a further decline to new lows is expected. Where it's headed is still a mystery, and technical indicators present a murky picture at best.
For example, Pepe has recently gone over the 200-day exponential moving average (EMA). While this is a positive indicator, the RSI indicates that Pepe has been oversold.
As a result, the RSI indicator forecasts a reversal in the near future. The 200-day moving average (EMA) would be breached if this happened.
If that's the case, it could fall to its recent lows after testing the $0.0000006985 level.
The $0.0000008824 resistance level could be breached if bulls gain control after Pepe reclaims the 200-day EMA. This would be followed by a retracement—a retest of the current resistance, which would then serve as support—in order to stabilise the relative strength index.
Even if Pepe's future is unclear, a new meme coin has taken a stand and appears poised to topple the bear market phenomenon.
