After a 13% rally, PEPE is trading at $0.000009039.
The meme coin’s daily trading volume has soared by over 30%. The crypto market is rebounding, with the meme coin market cap climbing to $63 billion, fueled by a 10% jump. The majority of meme tokens are flashing green, with PEPE, the frog-themed meme coin, standing out as one of the top gainers after a solid 13.78% rally. After opening the day at $0.000007875, the meme coin gained traction as bulls drove it up to a peak of $0.000009174. At the time of writing, PEPE traded within the $0.000009039 range.
PEPE price chart (Source:CoinGecko)
Besides, the market has observed a $2.25 million PEPE liquidation during this timeframe. Consequently, the meme coin’s daily trading volume has reached $805 million. The frog-themed meme coin has secured 21% over the last seven days. The asset opened the week trading at $0.000007433 and PEPE plunged to $0.000007036. The upward correction lifted the asset into its current trading range.
Can PEPE Keep Up Its Pace?
PEPE’s Moving Average Convergence Divergence (MACD) line is laid over the signal line. This implies a bullish crossover within the market, which also reinforces the bullish trend of the meme coin.
PEPE chart (Source:TradingView)
The Chaikin Money Flow (CMF) indicator staying at 0.28 signals the money inflows are dominant, supporting a bullish trend. Meanwhile, the meme coin’s daily trading volume has surged by over 29.98%. The meme coin’s active bullish pace could accelerate it to climb to the $0.0000092 mark. Subsequently, PEPE might test the crucial resistance at $0.000009410. Further upside might see it break past this level. Contrarily, if the uptrend faces disruption, a potential downside correction emerges and that might trigger the price to slide toward a low of $0.0000089 level. The formation of a death cross could deepen the downturn.
In addition, the current market sentiment of PEPE is in overbought territory, with the daily relative strength index (RSI) reaching at 81.82. The meme coin’s Bull Bear Power (BBP) reading of 0.00000160 suggests that bulls have a slight edge over bears.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. The NewsCrypto team encourages all to do their own research before investing.
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