The price of the Pepe (PEPE) token shows critical indicators for its upcoming movement despite the recent dip in its price value. Technical indicators hint at a possible reversal. According to market insights, the rebound is set to see its price attain a 5X surge from its current values.
Technical indicators analysis: MACD and RSI
According to market data at the time of press, the RSI indicator currently reads at 40.83, noting that PEPE is nearing its oversold territory. The reading suggests that the digital asset is undervalued preparing for a possible uptick. Historically, when the RSI crosses above 30, it signals a buying opportunity, especially when the price is low, as seen in the recent chart.
Furthermore, the MACD shows a bearish trend with the blue line (MACD line) at -179.53M and the orange line (signal line) at -284.71M. The negative values highlight a selling pressure that PEPE is facing.
However, the MACD histogram, an indicator of momentum change, may suggest that the bearish run is due for reversal shortly. This is considered to be the buy signal due to the slope in the histogram towards the top end, which shows that market volume increases. If so much is true, PEPE may possibly rise beyond its current level to achieve its possible 5X growth.
PEPE token price action
Tracking the current market action, it is notable that the Pepe (PEPE) token experienced notable price fluctuations. The token opened at $0.00000723 and reached a high of $0.00000727. The price dropped to a low of $0.00000723, closing at $0.00000727. This resulted in a 3.2% decrease in the 24-hour range, showing a decline in market sentiment.
The token’s market cap stood at $3.06 billion, with a circulating supply of 420.69 trillion. The token’s trading volume during the 24-hour period was $681.00 million. These figures reflect a relatively high trading activity, signaling that a significant amount of liquidity was flowing through the token during this period.
The token’s price saw a peak in the early hours of the day, reaching the $0.00000778 level, which was follow by a strong dip. Throughout the day, the market saw consistent fluctuations between the $0.00000725 and $0.00000730 range, indicating moderate volatility.
