- PEPE price retreats after hitting two-week high, jeopardizing five-day uptrend.
- RSI and MACD support PEPE/USD gains, but hold above 200-Day SMA needed for further rise.
- Pullback remains elusive beyond $0.00001075, 4.5-month-old resistance line acts as tough nut to crack for bulls.
Pepe (PEPE/USD) price retreats to $0.00001260 during Wednesday’s U.S. session, after reaching a two-week high. That said, a failure to sustain its 200-day Simple Moving Average (SMA) breakout tests PEPE/USD buyers even if both the 14-day Relative Strength Index (RSI) and the Moving Average Convergence and Divergence (MACD) indicators still support the bullish price momentum.
PEPE/USD: Daily chart points to gradual run-up
Source: Tradingview
Even if the PEPE/USD price could stay long beyond the 200-day SMA hurdle, currently around $0.00001275, buyers remain hopeful. This optimism stems from a clear rebound from a four-month-old previous resistance line, an RSI above 50.00, and an impending bull cross on the MACD.
With these factors, PEPE buyers show readiness to hit the 38.2% Fibonacci ratio of the December 2024 to March 2025 downturn, which is near $0.00001435, upon breaking the $0.00001275 resistance level comprising the 200-day SMA.
However, an upward-sloping resistance line from late January, close to $0.00001580, quickly followed by the $0.00001600 round figure, appear to be tough barriers for PEPE/USD bulls to overcome before they can take control.
Conversely, a PEPE pullback remains elusive beyond the aforementioned resistance-turned-support, currently near $0.00001075. Should the price fall further, tops from April and March, near $0.00000980 and $0.00000915 respectively, will attract PEPE/USD sellers before their focus shifts to the yearly bottom of $0.00000526. It’s worth noting that the mid-May bottom around the $0.00001200 acts as an immediate support for the Pepe prices.
PEPE/USD: Four-hour chart points to clear run-up
Source: Tradingview
On the four-hour chart, PEPE buyers are not fully defeated as the price stays above the 100-bar SMA and a fortnight-old resistance-turned-support, respectively around $0.00001245 and $0.00001200 by the press time. An upbeat RSI and bullish MACD signals further strengthen the upside bias.
This positioning sets PEPE/USD buyers up to refresh June’s peak, currently around $0.00001360. Breaking this highlights the late May tops near $0.00001510 and $0.00001630, before the market focuses on daily chart resistance levels.
On the downside, a clear break below $0.00001245 could push PEPE’s price towards a two-month-old rising support line around $0.00001075. Beyond that, deeper falls to the daily chart’s levels come into focus.
Overall, PEPE/USD remains in recovery mode despite its recent pullback from a two-week high.
