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Taking a closer look at PEPE recent movement, Crypto Man MAB noted that the token is now trading at $0.00001115, marking a 2.67% uptick in the short term. While the price increase may offer a glimmer of hope for bulls, he emphasized that the 4-hour chart still paints a broader picture of decline.
Volume Spikes Tell A Story, But The Trend Stays Bearish
According to Crypto Man MAB, PEPE’s 24-hour trading volume stands at 12.97 trillion tokens, valued at around $143.83 million. He describes this activity as moderate, suggesting that while the market isn’t entirely quiet, it lacks the energy typically seen during strong bullish moves.
MAB also highlighted the behavior of the Volume Simple Moving Average (SMA), which has shown several notable spikes. These bursts of activity indicate temporary surges in trader interest, likely sparked by brief price fluctuations or speculative moves. However, the overall volume trend remains in line with the broader decline in price. This volume reflects cautious participation, with traders seemingly waiting on the sidelines for clearer signals before committing more heavily.
When it comes to price trends, the numbers speak clearly. Over the past seven days, PEPE is down 2.79%, and over the last 30 days, the decline has deepened to 15.9%. Despite minor recoveries, the persistent downward pressure signals a market struggling to build upward momentum or break free from bearish sentiment.
On a longer time frame, the picture grows even more concerning. PEPE has dropped 54.12% over the past 180 days, painting a tough scenario for long-term holders. Still, MAB points out a yearly gain of 2.67%, which, although modest, offers a small glimmer of strength.
Key Levels Mark The Battlefield For PEPE’s Next Move
In identifying key technical levels, the analyst pointed out that the recent low near $0.00001069 could serve as a short-term support zone, potentially offering a cushion if prices begin to drop again. This level reflects where buying pressure recently stepped in, making it a crucial area to watch.
On the upside, the high of $0.00001133 stands out as a potential resistance level, where sellers previously emerged to cap the rally. If PEPE manages to break above this barrier with strong volume, it could open the door for further upside momentum.
Drawing his conclusion, Crypto Man MAB noted that the chart indicates volatility with a bearish bias in the short term. However, he highlighted that the recent slight uptick in price, combined with higher trading volume, could suggest potential for a reversal if momentum continues to build.
Featured image from Medium, chart from Tradingview.com
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