PEPE faces key resistance amid stable prices

The opening trading day has a global cryptocurrency market capitalization of $3.35 trillion. Bitcoin (BTC), the largest asset, is on the verge of $100,000, currently trading at $98.1 thousand. In addition, the meme coin sector also shows conflicting signals. Meme coins like DOGE and SHIB are trading downwards. Notably, the frog-themed meme coin, PEPE, has dropped more than 2.58% in the past 24 hours. The price of Pepe surged on November 14, pushing it to a high of 0.00002484 dollars from 0.00000774 dollars. Since then, the value of this token has fluctuated around 0.000020 dollars. PEPE opened trading at $0.00002074 and reached lows and highs of $0.00001918 and $0.00002086, respectively. At the time of reporting, this meme coin was trading at $0.00002014, with a market capitalization of $8.48 billion. On the other hand, the market witnessed the liquidation of 2.6 million dollars worth of PEPE during this time. As a result, the daily trading volume of the meme currency reached $2.87 billion. However, a PEPE whale has sold 7.407 billion tokens worth $1.53 million to get 448.1 ETH as the price of $PEPE decreased. In the past three days, this whale has sold a total of 13.02 billion PEPE to get 891 ETH. Nevertheless, this whale still holds 3.241 trillion PEPE worth $64.1 million, with a total profit of $68.3 million. Will PEPE be resurrected? The four-hour price chart of the meme coin shows the strength of the correction. The negative sentiment of PEPE and increasing selling pressure could push the price below the current trading level. It is likely to retest and the meme coin may target the support area of $0.00001805. If PEPE is likely to regain strength, it could trade upwards. A notable break can push the price up to $0.00002278 and rise above that level. A few days ago, the meme coin reached an all-time high of $0.00002524 In addition, the technical indicators have inferred the negative momentum of PEPE. Notably, the moving average convergence divergence (MACD) line is below the signal line, indicating an upcoming price decline.

When referring to the Chaikin Money Flow (CMF) indicator at -0.10, it is related to the decrease in money flow and then implies a new downtrend. Meanwhile, PEPE's daily trading volume has decreased by over 30%. Besides, the market sentiment for PEPE is currently in a neutral zone, with the relative strength index (RSI) at 49.35. Furthermore, the daily chart of the meme coin shows that the short-term 9-day moving average is below the long-term 21-day moving average.