Will Support Hold or Will Bears Strike Again?

• PEPE is trading at $0.0000033, marking a 3% gain.
• The daily trading volume has surged by over 14%.

The global crypto market cap has gained a modest 2.74%, settling at $2.36 trillion. Most of the tokens are seeking to enter the green zone. Meanwhile, the meme coin market cap is holding at $31.30 billion after a 2% spike over the past 24 hours. Particularly, among them, PEPE has posted a gain of over 3.13%. 

The frog-themed token has traded at a bottom of $0.00000314 in the early hours, and with the brief bullish shift, the PEPE price has climbed to a high of $0.000003329. At the time of writing, PEPE was trading at $0.000003315, with its daily trading volume up by 14.85%, touching $302.19 million.

Zooming in on the four-hour chart of PEPE, if the price has the potential to rise higher, it might retest the resistance level at $0.0000034. If the bulls became powerful, the price of the meme coin could climb even higher. Conversely, assuming the bears gained traction, the PEPE price could fall to its support at around $0.0000032. With the downside correction strengthening, the price action would slip deeper below its previous lows.

PEPE at a Turning Point: Surge or Slide?

The Moving Average Convergence Divergence (MACD) line and the signal line of PEPE are below the zero line, which infers bearish momentum in the market. For the momentum to turn positive, the lines need to move back above zero. Moreover, the Chaikin Money Flow indicator found at -0.05 displays mild selling pressure. Notably, the capital outflow is slightly higher than the inflow. If the CMF value drops further below, the selling pressure could increase. 

In addition, with the daily Relative Strength Index (RSI) resting at 47.17, the broader sentiment is slightly bearish to neutral. The selling pressure is a bit stronger than the buying pressure. This level often reflects a balanced market. Moreover, the Bull Bear Power (BBP) reading of 0.00000007 indicates almost a neutral momentum. The value is extremely close to zero, with no clear control from either side. If it rises, the buyers would gain strength.

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