Pepe (PEPE) price in the last 24 hours has been in a bearish rally despite opening under a bullish rally. Earlier in the day, the bullish rally managed to soar the Pepe price to a 24-hour high of $0.00001221 before facing stiff resistance. After failing to breach the resistance level, bears seized the market control, plummeting PEPE to an intra-day low of $0.0000108, where support was established.
At press time, the bearish momentum was still in control, with PEPE changing hands at $0.00001105, a 6% decline from the intra-day high.
During this price dip, PEPE’s market capitalization fell 6.30% to $4,645,163,452, while the 24-hour trading volume surged 21% to $800,948,030. This surge suggests that traders are taking advantage of the price correction to accumulate more PEPE tokens in a “buy-the-dip strategy.” This price decline, however, aligns with the bearish pressure experienced the whole week with Pepe down 8.5% in the last 7 days and a slight 0.16% surge in the 30 days.
Despite the bearish pressure in the PEPE market, onchain data from IntoTheBlock suggests that around 80.57% of token holders are in profit. On this metric, addresses or token holders below the current prices are in the green (bought lower).
Coming in fourth on the metric, Pepe only lags behind Bitcoin, Ethereum (bolstered by the Spot ETFs), and Tron (bolstered by the Telegram integration) with 89.11%, 83.19%, and 82.07%, respectively.
However, with Pepe coming in fourth, it has topped the Memecoin sector despite Floki and Dogecoin following closely behind, with 76.85% and 74.99%, respectively.
On the PEPEUSD 24-hour price chart, the technical indicators point to a continuation of the bearish pressure in the short term. The Relative Strength Index (RSI), for instance, has fallen below its signal line with a rating of 41.75. This RSI trend suggests that the selling pressure is increasing, which sets a precedence of a strengthening bear rally. Moreover, since it is yet to be oversold, the trend suggests that bearish momentum has room for more price decline.
If this trend persists and the $0.000010 support does not hold, the following support levels to watch would be $0.0000095 and $0.0000080. However, a reversal could set eyes on $0.000013, determining if PEPE will retest previous highs of $0.000014.
However, with the Moving Average Convergence Divergence (MACD) shifting below its signal line and in the negative region, the support level may be tested. The histogram bars, however, subsequent lower bars suggest that the bearish momentum may be waning, reflecting the increasing trading volume as traders swoop in to buy the dip.