In the last 24 hours, the meme coin market cap has posted a brief spike and reached $75.4 billion. The assets have fluctuated between gains and losses. Among the meme coins, the frog-themed PEPE has gained 6.20%, currently trading at $0.00001448.  The meme coin opened the trading day at around

• PEPE trades at $0.000014 after a 6% price boost.
• Daily trading volume has jumped over 51%.

In the last 24 hours, the meme coin market cap has posted a brief spike and reached $75.4 billion. The assets have fluctuated between gains and losses. Among the meme coins, the frog-themed PEPE has gained 6.20%, currently trading at $0.00001448. 

The meme coin opened the trading day at around $0.00001360. The bearish pressure has pulled the price back to the $0.00001341 level. Later, the bullish command in the PEPE market triggered the price to $0.00001508, breaking the crucial resistance.  

Furthermore, as per Coinglass data, the market has observed a $3.93 million PEPE liquidation during this period. Notably, the meme coin’s daily trading volume has soared by 51.70%, reaching $1.66 billion. 

As May is closing, the meme coin has recorded a 59.67% surge over the past thirty days. PEPE’s monthly low was marked at $0.00000762, and the highest at around the $0.000015 range. 

Will the PEPE Momentum Last?

The four-hour technical chart analysis of PEPE reveals a mild bullish sentiment in the market. The Moving Average Convergence Divergence (MACD) line is settled above the signal line, indicating a positive momentum. However, the signal line is just above the zero line, which hints that the overall trend is still in its early stages.

It is crucial to observe the indicator, which assesses the money flow, the Chaikin Money Flow (CMF) value at -0.00 suggests a neutral market pressure — neither strong buying nor selling and the price direction could go either way depending on upcoming market sentiment. 

PEPE’s price movement could push the price climb toward new highs, above the current price range. The meme coin might test the climb to the nearby resistance range at around $0.00001470. A sturdy upside correction may lead the price to cross beyond the $0.000015 mark. 

In contrast, if the meme coin’s active momentum collapses, it might immediately pull the price back toward its previous low at the $0.00001429 level. A potent downside correction could lead to the emergence of a death cross, sending the price to a steep decline at around $0.000014.  

Furthermore, the meme coin’s ongoing market is moderately bullish, and there is still room for upward price movement before hitting potential resistance, as the daily relative strength index (RSI) is resting at 58.19. Besides, the Bull Bear Power (BBP) reading of 0.00000074 shows very slight bullish pressure.

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