Bears Bite Hard: Will PEPE Sink Deeper After the 8% Slide?

• $PEPE trades at $0.00001048 after posting a loss of over 8%.
• Its daily trading volume has surged by over 66%.

The crypto market cap has reached $3.3 trillion after a loss of over 1.24%, with the fear and greed index value sitting at 53, displaying neutral sentiment in the market. Notably, the meme coin market cap has lost over 2.8%, at $59.3 billion. All the major assets are priced in red, losing their recent gains.

After an 8.04% drop, the frog-themed meme coin, $PEPE, chose a bearish rally for the day. The meme coin opened the day trading at a daily high of $0.00001154, and eventually, the wave of bears pushed the asset to a low of around the $0.00001029 level.

At press time, the meme coin traded within the $0.00001048 range, and its market cap is likely settled at $4.41 billion. Furthermore, $PEPE’s daily trading volume has increased by over 66.20%, reaching $1.2 billion. As per Coinglass data, over $2.93 million worth of $PEPE was liquidated in the market in the last 24 hours.

Will $PEPE Continue Trading at this Current Level?

$PEPE’s recent price action has displayed downside momentum. If the bear hold strengthens, the price might find its nearby support at the $0.00001049 range. Further correction on the downside could initiate the death cross to take place, pushing the price down to its previous lows below $0.00001040.

On the upside, the meme coin price could climb toward the $0.00001065 level if the bulls regain the lost strength. Sustained upside price correction of $PEPE might likely trigger the emergence of the golden cross. Gradually, it may take the price up to test the next resistance at around the $0.00001076 mark.

Notably, the four-hour technical indicators of the meme coin have reported a bearish encounter, with the Moving Average Convergence Divergence (MACD) line and the signal line stationed below the zero line. This crossover likely suggests a sturdy bearish momentum. Besides, the Chaikin Money Flow (CMF) indicator settled at -0.04, indicating a mild selling pressure in the market, with the money flowing out of the asset.

$PEPE’s daily relative strength index (RSI), found at 35.30, implies that it is approaching the oversold territory. Moreover, the Bull Bear Power (BBP) value of the meme coin is positioned at -0.00000083 signals a slight bearish bias.