Key takeaways
- PEPE has lost 9% of its value in the last 24 hours, erasing some of the gains recorded earlier this week.
- The technical indicators remain bullish as PEPE could reclaim $0.00001077 soon.
Bitcoin dips below $109k, Pepe loses 9%
The cryptocurrency market has turned bearish after its recent positive performance. Bitcoin, the leading cryptocurrency by market cap, is down 1% in the last 24 hours and now trades below $109k.
The negative performance saw the total cryptocurrency market drop to $3.35 trillion. PEPE, the native coin of the Pepe memecoin, lost 9% of its value in the last 24 hours, making it the worst performer among the top memecoins.
At press time, PEPE is trading at $0.00000980 but could rally higher amid strong technical indicators.
PEPE eyes $0.00001077 as bullish sentiment remains
The PEPE/USD 4-hour chart remains bullish despite the token losing 9% of its value in the last 24 hours. The technical indicators remain positive, suggesting buying pressure from investors.
The Moving Average Convergence Divergence (MACD) lines are currently in the positive zone, indicating that buyers are in control of the market. Furthermore, the Relative Strength Index (RSI) of 56 shows PEPE is neutral but could enter the overbought region if the bulls stay in control.
If the bullish trend continues, PEPE could test the immediate and formidable resistance between $0.00001070 and $0.00001077. The price has repeatedly tested this zone and struggled to push 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.
On the downside, PEPE could struggle if bulls fail to defend the current support level at $0.00000980. Failure to defend this support level could see PEPE dip towards the Transactional Liquidity (TLQ) region at $0.00000898. These support levels are crucial, especially if a short-term pullback is expected.
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