Will the 160% Jump in Trading Volume for Frog-Themed PEPE Fuel a Rally?

• PEPE is trading around the $0.000012 mark.
• Daily trading volume has surged by 160%.

Even with the greedy sentiment in the crypto market, the broader market cap has slipped by 1.78% to $3.32 trillion. Many of the major assets have dropped to their former lows. Notably, the meme coin market cap has hit $71 billion after a brief spike. Among them, the frog-themed meme coin, PEPE, has posted a loss of 0.68%.

In the early hours, PEPE traded at a high of around $0.00001417 with bullish support. Eventually, it faded, and the bears took control. It has likely pushed the meme coin’s price to a low of $0.00001263. At press time, PEPE is trading within the $0.00001264 mark, with its market cap staying at $5.32 billion

In addition, PEPE’s daily trading volume has increased by over 160%, reaching $2.21 billion. Besides, the market has observed a $6.67 million PEPE liquidation within this interval, according to Coinglass data

The meme coin has recorded a steady loss of over 12% in the last seven days. PEPE opened the week trading at around the 0.000015 level. With the potent bears in command, the price has plunged to hit its weekly low at a range of $0.000012.

Will PEPE Breakout Ahead or Momentum Fading?

The PEPE/USDT pair reports a mild bearish trading pattern on the four-hour chart. The formation of the brief red candles could likely trigger the asset’s price to fall to $0.00001210. Further downside correction might push the meme coin to retrace toward $0.000011

If the price chart lights up the green candles and climbs to the recent gains, it triggers an upside correction. PEPE could likely find immediate resistance at the $0.00001335 level. The longer the bulls stay, the meme coin might aim for a high target of $0.000014

*PEPE chart (Source: TradingView)*The meme coin’s signal line has fallen below the zero line, and the Moving Average Convergence Divergence line is just below zero, indicating a bearish momentum. If the MACD crosses above the zero line, it could be an early signal of an uptrend. Furthermore, the Chaikin Money Flow (CMF) indicator value of -0.00 suggests neutral sentiment within the market; also, there is no significant buying or selling dominance

*PEPE chart (Source: TradingView)*Moreover, PEPE’s Relative Strength Index (RSI) at 46.19 implies a balanced momentum in the market; it is neither overbought nor oversold. The meme coin’s Bull Bear Power(BBP) reading, found at -0.00000023, signals a slight bearish dominance, and the sellers have a marginal upper hand.

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