- Pepe price analysis shows a price increase over the past 24 hours.
- PEPE is trading at $0.000001559, up by 0.71 percent
- Resistance and support levels lie at $0.000001594 and $0.000001514, respectively
The most recent Pepe price analysis shows that the crypto asset has been trending downward for the past few days. The price of PEPE had been on a steady rise until it suddenly crashed towards the 4th of July. Since then, the token has continued to battle bears, with the price trading on a downward trajectory. However, today the bulls appear to be gaining strength, as the token has jumped 0.71% in the past 24 hours.
The recent surge of activity is promising for bulls hoping to see a significant price increase in PEPE. However, with bearish market sentiment still lingering in the air, whether these positive movements will stick remains to be seen.
The immediate resistance level is seen at the $0.000001594 price level, with the immediate support at the $0.000001514 mark. A break below the support level could lead to further losses for the token as the price could correct towards the next support at $0.0000015.
PEPE’s market capitalization is $610 million, with a daily trading volume of $119 million. The market cap has increased by 0.75% over the past 24 hours while the trading volume dropped significantly, displaying a 45.22 decrease. The token is ranked 68th by market capitalization and has a circulating supply of 212,558,053,788 PEPE tokens.
The daily PEPE/USD pair chart displays a bearish bias despite the recent recovery of the token. The technical indicators suggest that this trend will continue to be bearish unless the bulls push the price above the $0.000001594 resistance level.
The Relative Strength Index (RSI) is currently at 54.02 in the neutral region, indicating that PEPE is neither overbought nor oversold on the daily chart. The buying pressure may increase if bullish momentum is created.
On the other hand, the Moving Average Convergence Divergence (MACD) indicator displays a bearish crossover as the MACD line crosses below the signal line. The MACD histogram has also dropped further into negative territory, indicating a bearish market sentiment in PEPE. Further, the Balance of Power indicator is seen at -0.9, suggesting that bears have a slight edge in the market.
In conclusion, Pepe’s price analysis shows that bulls and bears are in a tug-of-war to control the token’s direction. Although momentum appears to be shifting towards the bulls, there is still much uncertainty surrounding PEPE’s price. PEPE needs to break and remain above the $0.000001594 resistance level to confirm a trend reversal.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.