PEPE bulls are currently thrilled following the latest performance. It halted its consistent declines and is a contender for the top gainer.
The memecoin started the day at $0.000018 but retraced before rebounding. Following the rebound, the asset shot up, breaking above the $0.000020 mark. It edged closer to the $0.000022 barrier but failed to break it.
PEPE saw slight rejections at its peak, resulting in further declines. Currently trading at $0.0000208, it is up by over 10%.
The latest decline follows a five-day downtrend that started on Saturday. The pair opened the session at $0.000023 but dipped after a small hike. It dropped to a low of $0.000020 before rebounding and closing with losses exceeding 8%.
The downhill movement continued following a doji the next day. As selling pressure increased, PEPE lost over 12% over the last three days.
The asset saw a sharp spike in buying volume in a few hours, resulting in the surge. It saw a massive inflow as trading conditions improved across the crypto market. The memecoin latest increase follows Bitcoin’s. However, indicators are blaring warnings.
Pepe is Overbought
The one-day chart shows several indicators printing bearish signals. The relative strength index was at 64 during the previous intraday session but surged to 70 a few hours ago. The asset is overbought and may notable price declines in the coming days.
The accumulation and distribution show massive bullish action with very little selling pressure. This may change as the moving average convergence prints sell signals. The 12-day EMA in declining as the bearish convergence nears completion. An interception with the 26-day EMA is almost inevitable. A negative divergence will result in further price declines.
The Fibonacci retracement shows an impending flip of the 38% level at $0.000019. PEPE risk further decline to the 50% mark at $0.000017 if the bulls fail to defend the previous critical mark.
In other news, Optimism may close the day as the top gainer. It opened trading at $1.65 but surged, breaking $2. It continued upward, hitting $2.20 before correction. It is currently up by 26%.
