Meme Coin Momentum: Will PEPE Hold Strong, Eyes a Fresh Surge

• PEPE is hovering around $0.0000089.
• Daily trading volume has dropped by 32%.

The prevailing indecision is hindering the new life in the crypto market. Meme coins have followed suit and slipped toward a $58.9 billion market cap after losing more than 2.3%. Major meme coins are charted in red while the frog-themed PEPE has posted a spike of 0.50%.

In the early hours, PEPE traded at around $0.000008919. Later, the bullish charge has pushed the meme coin to a peak of $0.000009139. The meme coin has plunged toward a low of $0.000008753 as the bears appeared. 

At press time, PEPE traded within the $0.000008900 range, with its market cap at $3.74 billion. Consequently, the daily trading volume has dropped by over 32.15%, reaching $435 million. Furthermore, the market has witnessed a $885.19K PEPE liquidation within this interval. 

Notably, a crypto whale holding $147 million in assets withdrew 1.5 trillion $PEPE worth $13.3 million from Binance. 

PEPE’s Next Move: Bullish Breakout or Bearish Fade?

The four-hour PEPE/USDT pair shows a negative pattern on the charts. The formation of red candles could trigger the price to fall back to the $0.0000088 range. An extended loss has the potential to push down the meme coin, bringing in a retest below the crucial support.  

If the price chart prints green, erasing the red invites the trend reversal of the meme coin. A price correction on the upside could likely find the immediate resistance at $0.000009004. The longer the bulls stay, PEPE might form the golden cross, aiming for a high target. 

The MACD line is positioned below the signal line, indicating a negative momentum and growing selling pressure. The overall trend might remain weak if it stays below. The CMF value of 0.16 suggests positive buying pressure in the market, with money flowing into the asset, reflecting demand.

The market sentiment of PEPE is neutral, with no strong bullish or bearish pressure as the RSI is found at 49.50, in a consolidation phase. In addition, the meme coin’s BBP reading of -0.00000004 is close to zero, signalling that neither bulls nor bears dominate the current market.

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