PEPE price action is underpinned, but the upside breakout still looks thin

PEPE price is heading sideways to lower as the newcomer among the altcoin family has enjoyed its first minutes of fame and is now fading into the background. In its first few days, it even surpassed BNB’s 24-hour trading volume and surged 12% in one move on Sunday. With that move nearly fully unwound on Monday, it appears that the newcomer is losing its glow little by little.

PEPE price at risk as the honeymoon is coming to an end

PEPE price action is taking a step back on Monday after surging on Sunday and being the talk of the town in Cryptoland. As quickly as its star rose,  it began falling this Monday as those gains from Sunday are all but erased. 

PEPE needs to hold that line in the sand at $0.0014700, which has acted as a significant technical level that was pivotal on May 13 and has been supportive already on two occasions since then. With the red descending trendline nearing, expect to see some pressure mounting on that level with a break lower heading to $0.0012000.

PEPE/USD  4H-chart    

With the Relative Strength Index (RSI) heading higher toward a middle ground, it appears that some buying is still ongoing, however, and a switch in power could still be at hand. That means that bulls are starting to take control and might head for a break of the red descending trendline. That would mean that $0.0018000 is up for grabs with $0.0020000 as the next price target ahead.