PEPE is trading at $0.000008755, showing a 5.44% decline over the last 24 hours. The price reached a high of $0.00000926 earlier in the session but faced continued selling pressure, pushing it down.
Despite this drop, 24-hour trading volume surged by 23%, reaching $576 million, indicating increased market activity. However, the price slump has reduced market capitalization, which now stands at $3.7 billion. This reflects the ongoing bearish sentiment in the market.
Whale activity suggests increased bullish sentiment for PEPE
Analyst Crypto Zeybek is analyzing PEPE’s price movement, highlighting an ascending channel that indicates the coin is moving within a defined range. Although PEPE has dropped from previous highs, it remains within a key support zone. Resistance levels at $0.00001698 and $0.00001958 must be broken for a bullish reversal.
With an RSI of 35.37, indicating oversold conditions, a rebound could be possible if buying pressure increases. However, for significant upward movement the cryptocurrency must surpass these resistance levels and maintain momentum.
PEPE’s price history mirrors the volatility typical of meme coins, often experiencing sharp drops followed by major rallies. According to recent data from EtherScan, a whale executed several large transactions involving PEPE tokens, potentially signaling increased bullish sentiment.
The whale transferred a significant amount of PEPE 98 million tokens which may reflect a belief that the price will recover in the near future. The same whale previously received a substantial amount of PEPE from Binance just over a week ago, indicating prior accumulation.
PEPE faces resistance at $0.0000935, support at $0.0000856
PEPE is currently facing resistance around $0.0000935. Immediate support appears at $0.0000856, which could prevent further downside if buying pressure emerges. RSI stands at 36.98, signaling that PEPE is nearing oversold conditions, suggesting a possible rebound if market sentiment shifts.
The MACD shows a slight positive histogram, although the MACD line remains below the signal line, indicating weak bullish momentum. A break above resistance could suggest a reversal, but the token may continue to face downward pressure without improvement in the RSI and MACD.
Key support and resistance levels for PEPE are critical for traders. The $0.0000935 resistance must be breached for a potential move toward higher levels, including $0.0001000. Conversely, a drop below $0.0000856 could lead to further declines toward $0.0000800 or even $0.0000750. For a more bullish outlook, PEPE will need to maintain support, improve its momentum indicators, and break key resistance levels to confirm a rally.
