Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- PEPE’s rally stalled at critical resistance level.
- Spot CVD dwindled alongside price, hinting at waning demand.
As the general crypto market experienced a significant rally over the weekend, Pepe [PEPE] stagnated at a critical resistance level. The 81% rally that took the meme coin from $0.00000090 to $0.00000162 met a stiff bearish resistance at press time, stalling its bullish progress.
Realistic or not, here’s PEPE’s market cap in BTC terms
As of press time, price traded at $0.00000155, just below the critical resistance of $0.00000162. If buyers cannot flip this level, it could signal the end of the bullish rally.
Has the decline of PEPE’s trading volume stalled bulls?
Source: PEPE/USDT on Trading View
The daily trading volume for PEPE dipped by 36.4% over the past 24 hours, per CoinMarketCap. This hinted that market interest in PEPE could be declining, reducing the liquidity for significant price movements.
This could be attributed to the meme coin encountering significant resistance at $0.00000162 and buyers taking profits after PEPE’s 81% gains over the past five days.
Despite regaining the $0.00000115 support, bulls failed to close above the resistance at $0.00000162. This gave sellers an opportunity to reverse the recent gains.
A four-hour candle close under the resistance level on 24 June led to sideways movement, and the on-chart indicators didn’t look good for PEPE.
The RSI dropped steadily from the overbought zone and hovered just above the neutral 50, as of press time. This hinted at declining demand for the meme coin. The MACD posted a bearish crossover on 24 June with several red bars below the zero mark. Similarly, the CMF dipped below zero, signaling capital outflows.
In the short-term target, bears could target a price reversal to the $0.00000115 level. On the other hand, bulls will be hoping to ride the bearish wave before initiating another bullish charge of $0.00000205.
How much are 1,10,100 PEPEs worth today?
Dwindling CVD highlighted waning demand behind PEPE
Source: Coinalyze
The Open Interest dipped by close to $10 million over the past two days. During this time, the spot CVD from Coinalyze also highlighted the waning demand. A strong downtrend reinforced the idea that PEPE could experience a short-term pullback.
Overall, traders should approach the price trend sideways price movement while waiting for a clear trading opportunity either above or below the critical $0.00000162 resistance level.
