Quick Summary:
- PEPE surged 8.39%, trading around $0.00001264
- Market cap: $5.44 billion; Daily volume spiked 82.67% to $1.29 billion
- Key resistance at $0.00001297, next target $0.00001335
- RSI at 69.27: nearing overbought territory
- Chaikin Money Flow (CMF) at 0.11: moderate buying pressure
- PEPE liquidation reached $5.68 million, per Coinglass
- Bullish indicators suggest short-term upside potential
Market Overview: PEPE Leading the Meme Coin Rally
The crypto market is radiating green as the total capitalization jumps 3.31% to reach $3.42 trillion. Meme coins have followed suit with an impressive 6% increase, pushing their collective market cap to $66.8 billion. Among these, PEPE has caught the spotlight, posting an 8.39% gain, fueled by increasing volume and bullish momentum.
With rising interest in meme coins, PEPE is now hovering around $0.00001264, after bouncing from a low of $0.00001174 and peaking at $0.00001291 earlier in the day.
PEPE Bulls Break Key Resistance Levels
The frog-themed meme coin has successfully cleared resistance levels at $0.00001198 and $0.00001285, indicating strong bullish sentiment. The breakout aligns with a massive spike in trading volume, jumping over 82.67% to reach $1.29 billion, confirming increased trader activity.
PEPE chart (Source: TradingView)
PEPE Market Stats:
| Metric | Value |
|---|---|
| Current Price | $0.00001264 |
| Market Cap | $5.44 Billion |
| Daily Trading Volume | $1.29 Billion |
| RSI | 69.27 (approaching overbought) |
| CMF | 0.11 (moderate inflow) |
| BBP | 0.00000137 (bulls in slight control) |
Chart Technicals
The strength in the price action in the 4 hour PEPE/USDT chart is bullish with the formation of green candles, which are strong.
Provided that bulls maintain their movement, the next resistance can be observed at $0.00001297 in the near future.
A breakout can unleash the gate of recent high of $0.00001335.
A slip beyond 0.00001250, however, is likely to cause the retest of 0.00001222, which is an important support line.
PEPE chart (trading view) (Source: TradingView)
Overbought Warning? RSI is Approaching 70
Relative Strength Index (RSI) has a value of 69.27, indicates that it is touching the overbought territory. This may be a downward movement of price correction or worse, at least consolidation. The traders are advised to observe a possible corrective move before committing in long spots.
PEPE Liquidations & Market Sentiment
Based on Coinglass, PEPE experienced liquidations of 5.68 million, which demonstrates greater volatility. This is against the backdrop of the greed in the market with the general feeling being bullish.
| Level | Importance |
|---|---|
| $0.00001297 | Immediate resistance |
| $0.00001335 | Short-term upside target |
| $0.00001250 | Minor support |
| $0.00001222 | Critical support |
In Closing: Is PEPE a Buy Yet?
With good technicals, an increase in volume and bulls pushing the price, PEPE is looking well in the short term. Nevertheless, it is necessary to be cautious because RSI is reaching the overbought area. Provided that the resistance is smashed convincingly, we might witness an upward sprint to the level of 0.00001335, however, it is subject to volatility.