• PEPE’s rally stalled at a critical resistance level, with trading volume declining by 36.4%.
• On-chart indicators such as RSI, MACD and CMF showed bearish signs for PEPE.
• If buyers cannot flip the resistance of $0.00000162, it could signal the end of the bullish rally.
PEPE’s Bull Run Stalls
PEPE [PEPE] experienced a significant 81% rally over the past five days from $0.00000090 to $0.00000162. However, it met a stiff bearish resistance at press time and stalled its bullish progress as of press time.
Declining Demand for PEPE
The daily trading volume for PEPE dipped by 36.4% over the past 24 hours, per CoinMarketCap . This hinted that market interest in PEPE could be declining, reducing the liquidity for significant price movements. Additionally, on-chart indicators such as RSI, MACD and CMF also showed bearish signs for PEPE which could further suggest waning demand behind this meme coin.
Level to Watch For
If buyers cannot flip the critical resistance of $0.00000162, it could signal the end of its bullish rally yet again and bears could target a price reversal to the $0.00000115 level instead. On the other hand, bulls will be hoping to ride the bearish wave before initiating another bullish charge towards $0.00000205.
Takeaway
The recent dip in trading volume and on-chart indicators showing bearish signs are suggesting that faltering demand for PEPE may signal an end to its bull run yet again if buyers cannot flip this critical resistance level soon enought..
Disclaimer
The information presented does not constitute financial, investment or trading advice and is solely the writer’s opinion