Markets show decreasing trust in PEPE coin, DOGE, and SHIB while focusing on institutional adoption and practical applications.
According to experts, the prevailing bearish market sentiment has not fully depleted the interest of investors who have positioned their bets on PEPE.
PEPE Coin Maintains Key High-Timeframe Support
The general bearish market perception does not reflect the structural stability of PEPE on the higher time frame charts according to technical analysis indicators and price movements.
PEPE coin maintains its position above an upward-moving trend line, which has provided support since mid-2023 based on the daily chart analysis.
A strong buy-side momentum has protected PEPE from additional price drops after multiple recent trendline tests in February 2024.
The price area maintains its consolidation status, closely matching historical accumulation zones.
The bullish structure in PEPE remains valid because the price has not breached this level yet.
However, such a drop would challenge its validity. Keeping prices above this support area might trigger a positive market reaction in an improved market environment.
PEPE demonstrates price stability amid market uncertainty throughout the broader market environment. It finds itself between its invalidation zone and mid-range resistance area.
Following a successful cost break beyond $0.00001000, the cryptocurrency would likely initiate a bullish rally and reach $0.000017000.
PEPE stands to fall back to $0.000007000 in the event market forces below $0.000008500 prevent price sustainability.
The trading activity registered a substantial decrease of more than 30% throughout the previous day as market trading numbers decreased markedly.
Current market data indicates sellers are not completely in control since the price has maintained stability.
The PEPE asset maintains adequate trading liquidity according to its 12.6% volume-to-market cap ratio, which attracts market watchers to continue monitoring its price movements.
This drop in market volume results from investors staying concerned instead of completely abandoning the asset so another buying wave could rapidly transform the situation.
Technical Indicators and Momentum Analysis
PEPE charts reveal a volatile market structure with strong bullish and bearish momentum periods.
Initially, the price followed an upward trend, forming higher highs and lows, indicating sustained buying interest.
However, a sharp decline, highlighted in green on the chart, signaled a shift in momentum.
Selling pressure overwhelmed buyers, leading to a significant downward move. This decline suggests profit-taking or rejection from a key resistance zone.
1-hour
PEPE/USDT Chart | Source: TradingView
The price stabilized after the downward movement, with signs of consolidation followed by a slight upward push.
The resistance level around 0.00000096 – 0.00000100 USDT has acted as a rejection zone multiple times, suggesting that a break above this level could signal a bullish continuation.
On the other hand, the support level near 0.00000088 – 0.00000090 USDT has held firm, preventing further downside.
A breakdown below this level could indicate a deeper correction. The Awesome Oscillator (AO) at the bottom of the chart reflects shifting market momentum.
Initially, it turned red as selling pressure increased, confirming the bearish move.
However, the histogram returns to green, indicating bullish momentum is returning. If this trend continues, it could suggest a reversal in price direction.
