PEPE trades at $0.00001048 after posting a loss of over 8%. Its daily trading volume has surged by over 66%. The crypto market cap has reached $3.3 trillion after a loss of over 1.24%, with the fear and greed index value sitting at 53, displaying neutral sentiment in the market. Notably, the meme coin market cap has lost over 2.8%, at $59.3 billion. All the major assets are priced in red, losing their recent gains. After an 8.04% drop, the frog-themed meme coin, PEPE, chose a bearish rally for the day. The meme coin opened the day trading at a daily high of $0.00001154, and eventually, the wave of bears pushed the asset to a low of around the $0.00001029 level. At press time, the meme coin traded within the $0.00001048 range, and its market cap is likely settled at $4.41 billion. Furthermore, PEPE’s daily trading volume has increased by over 66.20%, reaching $1.2 billion. As per Coinglass data, over $2.93 million worth of PEPE was liquidated in the market in the last 24 hours. Will PEPE Continue Trading at this Current Level? PEPE’s recent price action has displayed downside momentum. If the bear hold strengthens, the price might find its nearby support at the $0.00001049 range. Further correction on the downside could initiate the death cross to take place, pushing the price down to its previous lows below $0.00001040. On the upside, the meme coin price could climb toward the $0.00001065 level if the bulls regain the lost strength. Sustained upside price correction of PEPE might likely trigger the emergence of the golden cross. Gradually, it may take the price up to test the next resistance at around the $0.00001076 mark. PEPE chart (Source: TradingView) Notably, the four-hour technical indicators of the meme coin have reported a bearish encounter, with the Moving Average Convergence Divergence (MACD) line and the signal line stationed below the zero line. This crossover likely suggests a sturdy bearish momentum. Besides, the Chaikin Money Flow (CMF) indicator settled at -0.04, indicating a mild selling pressure in the market, with the money flowing out of the asset. PEPE’s daily relative strength index (RSI), found at 35.30, implies that it is approaching the oversold territory. Moreover, the Bull Bear Power (BBP) value of the meme coin is positioned at -0.00000083 signals a slight bearish bias.