Over the past few weeks, Pepe Coin (PEPE) has had significant price fluctuations, in line with bigger volatility in cryptocurrencies. On Monday, PEPE dropped by 8.5%, finding its bottom at a low of $0.000008374 but has since rebounded to $0.000009.
As of today Tuesday, July 9, the live Pepe price is $0.000009431, having a trading volume for 24 hours of $1,130,160,607.The token has risen by 13.01% over the past day despite the general market decline.PEPE’s net flow on an exchange registered a negative balance of -1 trillion PEPE on July 7th indicating great buying activity as investors get into action during this dip.
Pepe Technical Analysis: PEPE Gains Bullish Momentum Near the 50-day SMA
The four-hour chart gives key insights into the price movement of Pepe. The present position for PEPE is near the 50-day SMA which is at $0.000009802504 representing short term resistance.PEPE coin’s price is trading below the 100-day and 200-day SMAs,at approximately $0.000010805802 and $0.000011497477 correspondingly which would be broken if there was longer-term bullish reversal.
However Stochastic RSI now at 88.43 indicates that PEPE is nearing overbought territories suggesting possible pullbacks.Investors should watch out keenly to see whether maintain momentum or meet resistance around current levels.
This increased trading volume & positive net flow shows that Pepe’s market behavior reveals significant buying interest.Chaikin Money Flow (CMF) index still above 0.2 indicates strong inflows from market cap weighted index with large investors among them.With continued bullish outlook this money might continue coming in leading to further price increases.
Potential Rebound Scenarios for PEPE
Despite recent downturns, there are promising signs of recovery in PEPE. If the bulls can move the price above these key moving averages, then PEPE will look towards its next resistance at $0.000011 and beyond. The case for a sustained recovery is supported by the positive net flow and major trading volume.
However, Stochastic RSI in overbought region calls for caution. Failure to break the immediate resistance could make PEPE consolidate or experience another pullback to lower support levels like $0.000008374. Maintaining this critical support level will be vital for any bullish continuation.
Pepe Coin (PEPE) operates in a challenging but potentially rewarding market scenario where it has important support at $0.000009 and strong resistances up ahead.Thus, sentiment around this token shall be highly dependent on market mood as well as larger crypto trends.
Caution needs to be exercised despite some resilience and buying interest demonstrated by PEPE because of overbought signals and prevailing areas of resistance.On the other hand, breach of significant SMA levels would indicate a much bigger recovery while inability to keep current support may lead to further declines.
