PEPE Coin price eased further on Monday as the buying momentum slowed after last week’s strong uptrend. The meme coin traded at 0.00000852 at the time of writing after going down marginally by 0.11 percent in Monday’s intraday session. Notably, PEPE tested its highest level since March 15 before declining, thereby signaling the potential for further upside. PEPE has gained more than 18% in the last week, underlining a potential rally bubbling under.
There has been a notable uptake of PEPE by whales, and if the trend continues, the frog-themed meme coin could be headed to higher highs. There has been a lull in the cryptocurrency market since the Bitcoin halving event, but there’s growing expectation that a rally could be around the corner. Bitcoin has just tested two-week highs during this writing, signaling that a market recovery could be in the works.
Despite registering losses towards the end of April, PEPE is one of the best performing crypto assets in 2024. Furthermore, it has a loyal community that does not necessarily wait for Bitcoin to set the pace. PEPE has registered gains of more than 420 percent since the year begun. That is despite a steep decline of more than 24 percent in April. In comparison, Bitcoin has gained about 50% since the year began. The level of activity involving PEPE is also a notable indicator of investor sentiment toward the meme coin. According to data from CoinMarketCap, PEPE has experienced a 19% surge in trading volume in the 24 hours preceding this writing.
Technical analysis
The PEPE coin market is currently neutral-to-bearish-leaning, with the pivot at 0.00000861. The sellers will be in control for as long as resistance remains at that level. That could favour them to break the support at 0.00000841, beyond which a move to test 0.00000820 is likely. On the other hand, a move above 0.00000861 will signal control by the buyers, with the first resistance likely to come at 0.00000885. Extended control by the buyers at that point will likely break the resistance, invalidate the downside view and potentially build the momentum to test 0.00000909.
