Are we seeing PEPE’s bullish rally coming to an end?
Pepe [PEPE] stalls at critical resistance level despite public crypto market rally. By press time, the meme coin had reached $0.00000162 and rallied 81% but faced stiff bearish resistance.
The price stood at $0.00000155 at the time of the press, just above the critical resistance level of $0.00000162. If buyers cannot flip this level, the bullish rally may end.
Compared to the previous 24 hours, PEPE’s daily trading volume has decreased by 36.4%, according to CoinMarketCap. PEPE might lose market interest in this case, reducing liquidity for significant price changes.
How much does 1000 PEPE currently cost in USD?
PEPE has gained 81% over the past five days, and the coin has encountered significant resistance at $0.00000162, which has led to buyers taking profits.
Bulls failed to break through the $0.00000162 resistance despite regaining the $0.00000115 support. Recently gained gains were reversed by sellers as a result.
On 24 June, PEPE’s four-hour candle closed below its resistance level, and indicators on the chart didn’t indicate a bullish outlook.
The RSI hovered just above neutral 50 at press time after dropping steadily from the overbought zone. There was a decline in demand for meme coins, which indicated a declining demand. Several red bars were below zero on 24 June, indicating a bearish crossover. A drop in the CMF also signalled capital outflows.
A price reversal to $0.00000115 could be on the horizon for bears in the short term. In contrast, the bulls may attempt to ride the bearish wave until $0.00000205 begins a new bullish wave.
Two days ago, open interest dropped by $10 million. During this time, Coinalyze also revealed fading demand for spot CVD. As a result of a strong downtrend, PEPE may experience a short-term pullback.
Trading the price trend sideways should be done while waiting for a clear trading opportunity above and below the crucial resistance level of $0.00000162 before taking action.