PEPE Bears on the Hunt: Will the Red Streak Continue?
- PEPE is currently trading around $0.0000044.
- The market shows weakness with a mild bearish bias.
The mixed sentiment within the crypto market has been dragging the tokens up and down often. In the last 24 hours, the meme coin market cap has reached $45.70 billion, after briefly losing over 1%. The red waves were seemingly dominant across the majority of the assets. Among the pack of meme coins, PEPE, the frog-themed has registered a 3.47% drop.
The asset opened the trading day at around a high of $0.000004567. With the downward pressure in the PEPE market, the bears have pulled the price back to a low of $0.00000422. If the bearish sentiment gains more traction, the meme coin’s price movement may see more losses.
The CoinMarketCap data reports that at the time of writing, PEPE trades at around $0.000004406, with its market cap staying at $1.84 billion. Additionally, the daily trading volume of the meme coin has briefly plunged and reached the $335.79 million mark.
Can PEPE Flip the Trend and Regain Momentum?
PEPE’s active price action could push the price down to previous lows and test the support range at $0.000004365. A sturdy correction on the downside might invite the death cross and send the price even lower to $0.000004238. Assuming the meme coin’s momentum takes a bullish turn, it might immediately move up to the $0.000004562 resistance level. A potential upward pressure could likely push the golden cross out, driving the price higher, above $0.000004680.
PEPE chart (Source: TradingView)
The Moving Average Convergence Divergence (MACD) line and signal line of PEPE are settled below the zero line, which indicates bearish momentum. Any upward movement is a temporary rebound unless the lines climb back above zero. Besides, the Chaikin Money Flow (CMF) value at 0.14 suggests strong capital outflow from the asset. Notably, the selling pressure exceeds the buying interest, showing bearish sentiment and weak accumulation in the market.
Moreover, the meme coin’s ongoing market has weak momentum with a mild bearish bias. This points to consolidation or continued pressure unless the buying strength rises, as the daily Relative Strength Index (RSI) is resting at 42.88. PEPE’s Bull Bear Power (BBP) of -0.00000008 signals neutral momentum with a slight bearish dominance. As the reading is close to zero, neither the bulls nor the bears have clear control, reflecting low volatility.
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