The price of the meme coin PEPE has surged 40% over the past week, now standing at $0.000011. This increase aligns with the broader market recovery, generating excitement among investors. However, the recent rally has revealed a liquidity wall that could impede further growth.
On September 16, PEPE was valued at $0.0000071. The impressive gains over the last two weeks have driven the price to its current level. While there are optimistic projections for PEPE to reach $0.000015, data suggests that achieving this target may be challenging.
The In/Out of Money Around Price (IOMAP) indicator highlights that PEPE faces a sell wall near the $0.000012 mark. The accumulation of 8.62 trillion tokens, valued at approximately $95 million, indicates significant resistance in this price range.
The Relative Strength Index (RSI) serves as a critical tool for assessing market momentum. Currently, PEPE shows an overbought reading, suggesting potential price declines ahead. Typically, readings above 70 indicate an overbought condition, and PEPE's current RSI signals a bearish trend.
As of now, the price of PEPE is $0.000011, facing a sell signal as it approaches the supply zone around $0.000013. If PEPE cannot maintain support at $0.000010, it risks further declines, potentially dropping to $0.0000095 or even $0.0000084 in severe bearish conditions.
Should market conditions shift favorably, and if bulls push PEPE past $0.000013, the token might aim for $0.000020. However, this will depend on overcoming the current resistance levels.
