Pepe Price Plunges 5% as the Bulls Face Resistance at $0.00001209 Mark

The Pepe price market has flipped bearishly today, with the meme coin’s market capitalization slumping by 5%. The frog-themed memecoin is down 5% today, with the PEPE/USD trading at $0.00001179 at press time. Its 24-hour trading volume has notably plummeted 1% to $1.09 billion, tilting the odds towards the sellers. 

Apart from PEPE, top meme coins, including Dogecoin (DOGE)and Shiba Inu (SHIB), struggle to gain momentum in the meme coin sector. According to CoinGecko, in the last 24 hours, DOGE and SHIB are down 7% and 5%, respectively, following the broader wave in the crypto realm. Additionally, top crypto assets, including Bitcoin (BTC) and Ethereum (ETH), have plunged by 2% and 8% in the last 24 hours, respectively.

Total #crypto market cap is down 3.6% to $2.43T today as #Bitcoin falls below $65K 🔴

Are you buying, selling, or HODL-ing? pic.twitter.com/1kxPzpvZ3f

— CoinGecko (@coingecko) July 25, 2024

Meanwhile, CoinGlass data signals dwindling bull momentum, as short positions in PEPE are comparably higher than the long positions.

Moreover, investors and traders are optimistic about the meme coin, suggesting a bullish breakout is on the horizon.

#PEPE is getting ready for the pump. pic.twitter.com/jyos1JMS0w

— Crypto Mukesh (@MukeshS08888099) July 25, 2024

The recent approval of the Spot Ethereum ETFs in the United States is a significant milestone in the crypto market. This is expected to boost institutional interest in Ethereum and affect the market values of memecoins, including PEPE.

Pepe Statistical Data

Based on Coinmarketcap data:

• PEPE price now – $0.00001179
• PEPE market cap – $4.96 billion 
• PEPE total supply – 420.69 trillion 
• PEPE circulating supply – 420.69 trillion
• PEPE ranking – #22

Over the past few days, the PEPE price has consolidated between a limit/resistance of $0.00001314 and a limit/support of $0.00001129. This moving period between horizontal support and resistance levels could be an accumulation phase before a strong upward movement.

PEPE Price Technical Indicators Suggest a Bearish Outlook 

Based on the technical outlook, the frog-themed memecoin faces immediate resistance at $0.00001209(which coincides with the 50-day SMA), suppressing the bulls against upward movement. However, the bulls have strong support at $0.00001084, which aligns with the 200-day SMA.

Meanwhile, the Relative Strength Index (RSI) currently stands at 44 and suggests dwindling buyer momentum. If the buyers won’t build stamina, the momentum indicator might hurtle towards the 30-oversold zone, as it points towards the south. 

On the other hand, the Moving Convergence Divergence (MACD) worsens the outlook, as it has crossed below the signal line(orange). Unless the MACD line changes, the sellers might continue to dominate the market, reinforcing the bearish sentiment. 

Will the Bulls Break Out of the Consolidation Phase? 

In the 4-hour chart timeframe, the PEPE price paints a bearish picture as the sellers dominate the market. However, if the sellers continue to sell the frog-themed memecoin, it could lead to the PEPE price breaching the $0.00001084 support. This may lead to the memecoin falling to as low as $0.0000094 in the short term. 

Conversely, if the buyers build stamina and increase their buying appetite, they might flip the 50-day SMA into immediate support, which could trigger a breakout in the coming days. In such a scenario, a decisive 4-hour candlestick close above the $0.00001314 level could give the bull’s hind wings to propel the PEPE price to around $0.00001481.