Key Takeaways
- The PEPE cryptocurrency experienced a 9% drop in value over the past 24 hours, erasing some of its earlier gains this week.
- Despite the drop, technical indicators remain bullish, suggesting PEPE could soon recover to $0.00001077.
Bitcoin Falls Below $109,000 as PEPE Drops 9%
The cryptocurrency market has entered a bearish phase following recent positive trends. Bitcoin, the largest cryptocurrency by market capitalization, has seen a 1% decrease in the last 24 hours and is currently trading below $109,000.
This negative performance has caused the total cryptocurrency market capitalization to decline to $3.35 trillion. PEPE, the native coin of the meme-based Pepe ecosystem, has suffered a 9% loss over the past day, making it the worst performer among major memecoins.
As of this report, PEPE is trading at $0.00000980 but may experience an uptick given the strength of certain technical indicators.
PEPE Eyes $0.00001077 as Bullish Sentiment Persists
The PEPE/USD four-hour chart remains bullish despite the recent 9% drop. Technical indicators are showing positive signs, indicating potential buying pressure from investors.
The MACD (Moving Average Convergence Divergence) lines are currently in the positive zone, suggesting that buyers are in control of the market. Additionally, the Relative Strength Index (RSI) stands at 56, indicating that PEPE is neutral but could enter the overbought zone if buyers maintain their momentum.
If the upward trend continues, PEPE may test the immediate and formidable resistance between $0.00001070 and $0.00001077. The price has tested this range multiple times and has struggled to break through.
A sustained and decisive move above this resistance level would be a significant bullish signal, likely paving the way for a test of the $0.00001100 mark.
Conversely, PEPE could struggle if buyers fail to defend the current support level at $0.00000980. If this support is breached, PEPE could decline towards the transaction liquidity region (TLQ) at $0.00000898. These support levels are critical, especially if a short-term retracement is expected.
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