- PEPE is currently hovering around $0.0000049.
- The daily trading volume has surged by over 17%.
A loss of over 3% has traders on edge and crypto tokens in cautious territory. A slight bullish shift might bring in a fresh breath into the market. Significantly, the meme coin market has followed suit, dropping 4.8%, settling at around $43.6 billion. At the same time, the frog-themed token PEPE has fallen 2.97% in the past 24 hours.
The meme coin kickstarted the trading day with the price at a high of $0.000005176. Eventually, the bears took charge of the PEPE market, and a bottom trading range was found at $0.000004868. The asset is currently hovering at $0.000004931 with its daily trading volume surging by over 17.09%, reaching the $463.97 million mark.
With the active bearish momentum of PEPE, the price could decline back toward the crucial support at the $0.000004921 level. More losses might strengthen the bears, and they likely bring in a key retest below the $0.000004911 range, with the emergence of the death cross.
On the flip side, upon a trend reversal of the meme coin, the price might initiate a move on the upside. This would push the PEPE price to climb and find the nearby resistance at $0.000004941. If the bulls stay for long, the golden cross could form, driving the price above $0.000004951.
PEPE Technicals Suggest Bears Are in Charge
When both the Moving Average Convergence Divergence (MACD) and signal lines cross below the zero line, it hints at a clear shift into bearish territory. The downside momentum of PEPE is strengthening, and the traders see this as an increased risk of further price weakness.
Moreover, the Chaikin Money Flow (CMF) indicator, which settled at 0.14, exhibits buying pressure in the meme coin market. Also, the capital inflows are slightly exceeding outflows, showing accumulation rather than distribution, whereas the momentum is not strong.
PEPE’s market sentiment is in the oversold territory, as the daily Relative Strength Index (RSI) is at 26.88. This value suggests a strong selling pressure, and as the downtrend remains, it can signal a potential short-term bounce if buyers step in. Besides, the Bull Bear Power (BBP) reading of -0.00000040 indicates that bears mildly dominate. It points to weak downside momentum, and the market is close to neutral rather than strongly bearish.
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Source: https://thenewscrypto.com/pepe-under-pressure-can-the-bulls-fight-off-the-bears-or-will-it-fall-again/
