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Pepe (PEPE) 's price has been bearish in the last 24 hours, swaying between an intra-day high and low of $0.0000117 and $0.00001133, respectively. PEPE was exchanging hands at $0.00001144 at press time, a 1.12% decline from the resistance level. During this period, PEPE's market capitalization and 24-hour trading volume fell by 1.13% and 10.67%, respectively, to $4,813,055,186 and $440,269,184.
In the meantime, several market indicators have pointed towards the bearish sentiment surrounding Pepe Coin. Even though the bulls have offered some short-lived price increases, the meme-coin has been incapable of crossing past the 50% Fibonacci retracement level at $0.000013. The daily RSI stood just around the neutral 50 level, failing to show any signs of a momentum change. Similarly, the Chaikin Money Flow (CMF) was previously under -0.05, showing substantial capital outflows.
The said bearish pressure is further compounded by the dominance of shorts over the market, which recent liquidation data uncovered in the past two days. When a much higher quantity of short liquidations compared to longs appears, this seems to draw a picture of a lack of confidence in the price rally for the short term
From a technical perspective, in PEPE's price action, traders were watching key levels. At $0.0000107, it was strongly supported by the 78.6% Fibonacci retracement level, which kept the price from dropping further. The resistance level at the 50% retracement level at $0.000013 proved strong, providing a massive barrier to upside movement.
The Liquidation Heatmap suggests that should selling pressure increase, large pools of liquidity may start to rest in the $0.000008–$0.000009 area which might attract the price down there. If the bulls take control of the present impulse of buyers, the next target about liquidity is around the $0.000018 level. Locally, liquidity areas around $0.0000122 and $0.0000134 might also show price bounces in tries to squeeze short positions.
Despite the bearish trend, there have been moments of positive market activity. Notably, overnight, a $300 million absorption at a crucial support level has sparked some optimism among investors. Additionally, a social media post by VanEck featuring a frog meme contributed to a temporary price rebound.
Looking ahead, traders are advised to watch critical technical indicators to determine whether a trend reversal is in order. The current RSI of 40 indicates a growing downtrend. However, the 50-day Exponential Moving Average of around $0.0000118 will pose a barrier to any solid upward move in the near term.
Market participants will likely watch out for possible buying entries around this support area, probably looking at $0.00001085. A breakout above the 50-day EMA would show a sign of recovery, but still, caution is applied due to the predominant bearish sentiment.
