After a movement of ups and downs, the Pepe trajectory is taking shape as the technical indicators and current movements in price hint at a possible reversal. RSI and MACD indicators have hinted at a possible bearish momentum weakening, giving possibilities of a possible bullish takeover.
Technical Indicators Movement
According to Trading View data, the RSI is at 38.83, which puts the token in the oversold zone. An RSI below 30 reports an oversold condition, although an RSI between 30 and 50 indicates that a commodity may be beginning to bounce back. Earlier, the RSI was above 50, which meant strong bullish pressure, but it has pulled back, showing some bearish pressure.
The current RSI reading by the indicators notes that the stock is oversold and could recover if the market conditions are favorable. The MACD reads at the negative value of -0.0000008091, which means that the short-term moving average is below the long-term moving average. This goes a long way in explaining and confirming the bearish momentum prevalent in the current market.
The lower part is flattening out, which is a sign that the downtrend could be weakening, and thus, the MACD histogram remains relatively small. It is notable that the MACD line is approaching the signal line in the bullish territory, which may also suggest a higher positive move.
Pepe Current Market Insights
CoinMarketCap data indicates that the Pepe token’s market cap is currently $3.08 billion, showing a 6.38% increase. The token’s 24-hour trading volume stands at $653.75 million, down 22.62%. The total supply of Pepe is 420.68 billion, with a circulating supply of 420.68 billion.
As of now, Pepe is valued at $0.057331 with a notable uptrend in the past few hours. The price of the token hit $0.000007335 while the market cap-to-volume ratio is 21.16 %. The price movement is linked to a bounce back from the last few movements in price.
