PEPE faces challenges in regaining momentum due to low demand and selling pressure, with key resistance levels critical for its recovery.
Points
- PEPE needs to establish $0.00001000 as support for profitability.
- Weak RSI indicates insufficient buying interest.
- Dominant selling pressure hinders price recovery.
- Investors should monitor key resistance levels and market sentiment.
The PEPE token is struggling to regain its footing in the market. According to the Global In/Out of the Money （GIOM） indicator from IntoTheBlock, 22,800 addresses holding 198.03 trillion PEPE tokens purchased between $0.00000156 and $0.00000160. This concentration creates substantial resistance that could prevent further upward movement unless there’s a significant increase in buying interest.
The Relative Strength Index （RSI） for PEPE indicates weak buying momentum, suggesting that the token is currently oversold but not attracting enough new buyers. This low demand is compounded by heavy selling pressure, making it difficult for PEPE to recover and establish $0.00001000 as a strong support level.
Explanation
- The GIOM data highlights critical resistance levels that PEPE must overcome.
- RSI indicates insufficient buying interest, which is crucial for recovery.
- Selling pressure continues to dominate, hindering price recovery.
- Monitoring market sentiment and key resistance levels is essential for investors.