Meme markets were buzzing with excitement following the return of Keith Gill, better known as Roaring Kitty, famed for his pivotal role in the January 2021 GameStop short squeeze.
In his latest cryptic post, Gill shared a meme depicting a gamer in a focused stance, which many interpret as a signal to pay attention to the meme coin market.
According to data from CryptoSlate’s top gainers list, lesser-known meme coins like MOG Coin, Popcat, and Book of Meme saw significant gains following Gill’s post. More established meme coins, such as Dogecoin, Shiba Inu, and Floki, also experienced substantial increases during this period.
On the other hand, Prominent crypto analyst Ali Martinez suggests that not all altcoins will benefit equally from market enthusiasm. Martinez specifically highlights PEPE as a cryptocurrency that could be on the verge of a price retracement.
Bearish Pressure On PePe Coin
Pepe’s price is currently under bearish pressure, with signs of a selloff around its recent high of $0.0000116. The coin is attempting to break below the EMA20 trend line, which could signal a shift in the prevailing trend.
A decisive move below the key support zone of $0.00001 to $0.000008 would confirm a bearish pattern, potentially leading the pair toward a strong support level at $0.0000055.
Further examining the $PEPE token on a 3-day chart, Martinez identifies significant indicators signaling a potential downturn. The TD Sequential indicator has recently flashed two notable sell signals: an aggressive 13 and a green nine candle. These signals indicate potential exhaustion in the bullish trend, hinting at a possible reversal in price momentum.
In addition to the TD Sequential signals, Martinez notes a bearish divergence between $PEPE’s price action and the Relative Strength Index (RSI). As the RSI indicator’s sharp decline toward the midline suggests that bears are currently dominating the price chart.
Buyer Strong Defense
Despite these bearish signals, buyers are striving to maintain Pepe’s price above the 20-day Exponential Moving Average (EMA) at $0.00001. A successful defense of this level could prompt a rise toward the recent high of $0.0000116.
As of now, Pepe Coin is trading at $0.0000102, reflecting a decline of over 4.9% in the last 24 hours.
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