- PEPE has climbed over 5%, trading at $0.0000062.
- The meme coin’s daily trading volume has slipped by over 16%.
The crypto market opened with a brief uptick, pushing the global market cap to $2.64 trillion. Meme coins followed suit, climbing to a $48.8 billion market cap after a 4.8% gain. PEPE, the frog-themed token, jumped by over 5.04%.
The prolonged bearish pressure within the market has resulted in intense price volatility. The meme coin has mounted to a high of $0.000006518 from the $0.00000568 range.
At the time of writing, PEPE was trading at $0.000006256 with its market cap staying at $2.62 billion. Furthermore, the market witnessed a $1.91 million PEPE liquidation. Consequently, its daily trading volume has reached $882 million.
The meme coin has lost over 9.72% in the last seven days. The asset’s weekly low price is marked at $0.00000536 and the highest at the $0.000007316 level.
Will PEPE Surge Higher or Slip Lower?
PEPE’s current bearish price trajectory might push the meme coin down to the $0.000006037 range. Further losses could trigger PEPE to nosedive even lower and test the crucial support at $0.0000054 mark.
Conversely, if the meme coin’s ongoing momentum reverses, an upside price correction emerges. It could initially test the $0.000006674 range. Subsequent resistance might be found at $0.0000071.
The moving Average Convergence Divergence (MACD) line and the signal line of PEPE are stationed below the zero line. This crossover indicates the broader bearish sentiment and the downtrend may extend.
The Chaikin Money Flow (CMF) indicator is positioned at 0.07, suggesting that the money is flowing into the asset rather than out. Meanwhile, the meme coin’s daily trading volume has plunged by over 16.54%.
In addition, the market sentiment of PEPE is neutral as the daily relative strength index (RSI) rests at 49.99. Besides, the Bull Bear Power value of 0.00000017 is close to zero, which refers to a balance between bulls and bears.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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