- PEPE is currently trading at the $0.0000098 mark.
- Daily trading volume has surged by over 137%.
The crypto assets are riding the rollercoaster, lighting both the red and green candles. Major assets like Bitcoin (BTC), Ethereum (ETH), and other meme coins have marked their recent upside and downside price trajectory. Meanwhile, after a 2.45% spike, the frog-themed meme coin, PEPE, has chosen to trade on the upside.
The meme coin opened the trading day at the bottom of $0.000009534, and it broke the nearby resistance and climbed to a high of $0.00001045. As per CoinMarketCap data, at the time of writing, PEPE trades within the $0.000009817 range, and its market cap has reached $4.12 billion.
In addition, PEPE’s daily trading volume has jumped by over 137%, touching $819.47 million. Also, the Coinglass data reveals the market has experienced a liquidation of $3.42 million worth of PEPE.
PEPE’s weekly price chart reports a gain of over 10.61%, and the meme coin began trading the week at $0.0000088. The shift in the market sentiment has triggered the price to face a series of ups and downs, reaching the current trading level.
Is PEPE Set to Consolidate or Break Away?
PEPE’s recent trading session has shown an upward price momentum. The price could ascend toward the resistance range above $0.000009871. A potential upside correction might invite the golden cross to take place, pushing the meme coin price up to its recent high at around $0.0000099.
Assuming the meme coin bulls fail to hold the price trajectory, it might immediately fall to its support at the $0.000009855 level. However, a continuous downside correction could likely trigger the formation of a death cross, sending the PEPE price down to its previous low at $0.000009830 or even lower.
PEPE chart (Source: TradingView)
Furthermore, the Moving Average Convergence Divergence (MACD) line of PEPE is found resting above the signal line. This crossover generally indicates a bullish outlook and may see more upside if the momentum holds. Besides, the Chaikin Money Flow (CMF) indicator is positioned at 0.10, which suggests that the money is flowing into the asset, with mild buying pressure in the market.
Moreover, the current market sentiment of the meme coin infers a neutral to mildly bullish sentiment. It reflects a balanced market as the daily Relative Strength Index (RSI) is settled at 55. PEPE’s Bull Bear Power (BBP) reading of 0.00000026 signals weak bullish pressure in the market.
