PEPE jumped over 5%, hovering around $0.0000072.
The market recorded PEPE liquidations totaling $1.43 million. A slight bullish shift has breathed new life into the crypto market, lifting the total market cap to $2.68 trillion. Meme coins have followed suit, climbing to a $50.4 billion cap after gaining more than 3.4%. PEPE, the frog-themed token, is up by a solid 5.50%.
PEPE kickstarted the day trading at a low around $0.000006706. Later, after the charge of the bulls, the meme coin ascended toward a peak of $0.000007352. At press time, the meme coin traded at $0.000007226, with its market cap at $3.04 billion.
Furthermore, the market has witnessed a $1.43 million PEPE liquidation within this interval. Consequently, the daily trading volume of the meme coin has reached $915 million.
What Lies Ahead for PEPE?
PEPE’s bearish momentum could trigger the price to fall back toward the $0.000006991 level. An extended loss might push down the meme coin to tumble and bring in a retest at $0.0000067 support.
Assuming the trend reversal of the meme coin, a price correction on the upside might begin. It would likely find the resistance at $0.0000073. If the bulls sustain longer, PEPE could reach the $0.0000075 zone.
The meme coin’s Moving Average Convergence Divergence (MACD) line and the signal line are positioned below the zero line. It indicates a bearish crossover and the overall weak momentum.
PEPE chart (Source: TradingView)
Additionally, the Chaikin Money Flow (CMF) indicator stationed at -0.03 suggests that money is flowing out of the asset. Meanwhile, the daily trading volume of PEPE has increased by over 7.70%.
The market sentiment of PEPE is neutral, neither overbought nor oversold as the daily relative strength index (RSI) is at 51.56. Besides, the Bull Bear Power (BBP) value of -0.00000028 signals the bulls are slightly dominant.
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.
Highlighted Crypto News
US SEC Declares Dollar-Backed Stablecoins Aren’t Securities
