PEPE Sees 2.67% Gain Amid Bearish Trend

PEPE, a memecoin, has recently experienced a 2.67% increase in its value, trading at $0.00001115. This uptick has sparked speculation about a potential major rebound for the token. However, the broader trend remains bearish, as indicated by the 4-hour chart. The 24-hour trading volume stands at 12.97 trillion tokens, valued at around $143.83 million, which is described as moderate. This volume suggests cautious participation from traders, who seem to be waiting for clearer signals before committing more heavily.

Over the past seven days, PEPE has seen a 2.79% decline, and over the last 30 days, the decline has deepened to 15.9%. On a longer time frame, PEPE has dropped 54.12% over the past 180 days. Despite these declines, there is a yearly gain of 2.67%, which offers a small glimmer of strength. The recent low near $0.00001069 could serve as a short-term support zone, while the high of $0.00001133 stands out as a potential resistance level. If PEPE manages to break above this barrier with strong volume, it could open the door for further upside momentum.

The chart indicates volatility with a bearish bias in the short term. However, the recent slight uptick in price, combined with higher trading volume, could suggest potential for a reversal if momentum continues to build. The behavior of the Volume Simple Moving Average (SMA) has shown several notable spikes, indicating temporary surges in trader interest. These bursts of activity are likely sparked by brief price fluctuations or speculative moves. However, the overall volume trend remains in line with the broader decline in price.