PEPE coin failed to maintain its position above its 100-day simple moving average.
Whale sell-offs and weak momentum hindered the price recovery.
Key resistance is at $0.00001037, limiting attempts for further breakouts.
The attempt by PEPE coin to reclaim its highs recently failed, as despite the overall optimism in the cryptocurrency market, the meme coin was unable to maintain momentum above its 100-day simple moving average (SMA).
It is worth noting that despite Bitcoin (BTC) setting a historical weekly closing price above $109,000, boosting overall market sentiment and driving up some meme coins, PEPE still failed to maintain its push against key resistance levels.
Briefly broke through the key resistance level
On Monday, PEPE briefly broke above the 100-day moving average, approaching the $0.00001009 level, sparking initial hopes of a trend reversal.
Despite the price action suggesting that bullish momentum will continue, sellers quickly suppressed this trend, causing PEPE to retreat back to around $0.00000992 within hours.
This rejection marks the continuation of a broader sideways trend, as PEPE remains trapped between the support level of $0.00000990 and the resistance level near $0.00001020.
The price structure over the past two weeks has taken on a horizontal channel shape, with both upper and lower boundaries being repeatedly tested but not convincingly broken.
Further exacerbating bearish pressure is the continued distribution of large amounts of PEPE from whale wallets to exchanges, further casting a shadow over the recent outlook.
According to on-chain data, a notable transaction involved 500 billion PEPE tokens (worth approximately $3.85 million) being transferred to Binance, suggesting that large holders may be liquidating or strategically selling.
Technical analysis indicates indecision.
Despite PEPE's rebound from recent lows, technical indicators have issued mixed signals, reflecting the currency's fragile position in a turbulent market.
The Relative Strength Index (RSI) is at 44.3, indicating neutral momentum due to the currency crossing the boundary between oversold and recovery zones.
Meanwhile, the Moving Average Convergence Divergence (MACD) shows early signs of a bullish crossover, with the signal line and MACD line rising towards the zero line but still operating in the negative territory.
The rise in the MACD histogram has strengthened short-term optimism, suggesting that buying pressure may slowly be rebuilding beneath the surface.
However, these signals have not yet formed a conclusion, as traders remain cautious due to PEPE's difficulty in decisively closing above key technical levels.
The anticipated triangle breakout now faces strong resistance
Last weekend, PEPE coin rebounded, breaking the descending triangle pattern formed by the highs of May 23 and June 10, with a bottom support level at $0.00000900.
This breakout pattern initially sparked bullish optimism, especially after PEPE rose over 3.4% on Sunday and continued to inch higher on Monday.
However, this rebound immediately encountered resistance around $0.00001037, a level that has limited upward attempts multiple times since mid-June.
Confirming a close above this level may open the door for price increases, reaching the low of May 17 at $0.00001196, and possibly even the high of June at $0.00001362.
However, without strong volume support and clearer momentum signals, PEPE's price remains susceptible to pullbacks and consolidation.
The derivatives market for PEPE coin has shown tentative optimism.
Optimism in the derivatives market has slightly increased, with open interest (OI) rising 2.25% to $533.63 million in the past 24 hours.
Additionally, the OI weighted funding rate turned positive from negative, changing from -0.0052% on Sunday to +0.0052% on Monday, indicating that traders are becoming increasingly willing to pay a premium for long positions.
This shift indicates that speculative sentiment may be becoming more optimistic, although the sustainability of this enthusiasm remains uncertain.
Traders are currently watching whether PEPE can decisively close above $0.00001037, which could confirm that PEPE is ready for a long-term breakout rebound.
Before this, downside risks remain prominent, particularly if the token fails to maintain above the $0.00000990 area and retests the $0.00000900 support level.
PEPE coin failed to maintain its position above its 100-day simple moving average.
Whale sell-offs and weak momentum hindered the price recovery.
Key resistance is at $0.00001037, limiting attempts for further breakouts.
The attempt by PEPE coin to reclaim its highs recently failed, as despite the overall optimism in the cryptocurrency market, the meme coin was unable to maintain momentum above its 100-day simple moving average (SMA).
It is worth noting that despite Bitcoin (BTC) setting a historical weekly closing price above $109,000, boosting overall market sentiment and driving up some meme coins, PEPE still failed to maintain its push against key resistance levels.
Briefly broke through the key resistance level
On Monday, PEPE briefly broke above the 100-day moving average, approaching the $0.00001009 level, sparking initial hopes of a trend reversal.
Despite the price action suggesting that bullish momentum will continue, sellers quickly suppressed this trend, causing PEPE to retreat back to around $0.00000992 within hours.
This rejection marks the continuation of a broader sideways trend, as PEPE remains trapped between the support level of $0.00000990 and the resistance level near $0.00001020.
The price structure over the past two weeks has taken on a horizontal channel shape, with both upper and lower boundaries being repeatedly tested but not convincingly broken.
Further exacerbating bearish pressure is the continued distribution of large amounts of PEPE from whale wallets to exchanges, further casting a shadow over the recent outlook.
According to on-chain data, a notable transaction involved 500 billion PEPE tokens (worth approximately $3.85 million) being transferred to Binance, suggesting that large holders may be liquidating or strategically selling.
Technical analysis indicates indecision.
Despite PEPE's rebound from recent lows, technical indicators have issued mixed signals, reflecting the currency's fragile position in a turbulent market.
The Relative Strength Index (RSI) is at 44.3, indicating neutral momentum due to the currency crossing the boundary between oversold and recovery zones.
Meanwhile, the Moving Average Convergence Divergence (MACD) shows early signs of a bullish crossover, with the signal line and MACD line rising towards the zero line but still operating in the negative territory.
The rise in the MACD histogram has strengthened short-term optimism, suggesting that buying pressure may slowly be rebuilding beneath the surface.
However, these signals have not yet formed a conclusion, as traders remain cautious due to PEPE's difficulty in decisively closing above key technical levels.
The anticipated triangle breakout now faces strong resistance.
Last weekend, PEPE coin rebounded, breaking the descending triangle pattern formed by the highs of May 23 and June 10, with a bottom support level at $0.00000900.
This breakout pattern initially sparked bullish optimism, especially after PEPE rose over 3.4% on Sunday and continued to inch higher on Monday.
However, this rebound immediately encountered resistance around $0.00001037, a level that has limited upward attempts multiple times since mid-June.
Confirming a close above this level may open the door for price increases, reaching the low of May 17 at $0.00001196, and possibly even the high of June at $0.00001362.
However, without strong volume support and clearer momentum signals, PEPE's price remains susceptible to pullbacks and consolidation.
The derivatives market for PEPE coin has shown tentative optimism.
Optimism in the derivatives market has slightly increased, with open interest (OI) rising 2.25% to $533.63 million in the past 24 hours.
Additionally, the OI weighted funding rate turned positive from negative, changing from -0.0052% on Sunday to +0.0052% on Monday, indicating that traders are becoming increasingly willing to pay a premium for long positions.
This shift indicates that speculative sentiment may be becoming more optimistic, although the sustainability of this enthusiasm remains uncertain.
Traders are currently watching whether PEPE can decisively close above $0.00001037, which could confirm that PEPE is ready for a long-term breakout rebound.
Before this, downside risks remain prominent, particularly if the token fails to maintain above the $0.00000990 area and retests the $0.00000900 support level.
