• 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 Breaks Out 5%, Will the Bulls Stick Around? image 0 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. TheNewsCrypto team encourages all to do their own research before investing.

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