Meme markets were buzzing after the return of Keith Gillbetter known as Roaring Kitty, famous for her central role in the January 2021 GameStop short squeeze.
In his latest cryptic post, Gill shared a meme depicting a player in a focused position, which many interpret as a signal to pay attention to the coin market.
According to data from CryptoSlate list of top gainers, lesser-known meme coins like MOG Coin, Popcat, and Book of Meme saw significant gains after Gill's post. More established meme coins, such as Dogecoin, Shiba Inu, and Floki, also saw 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 poised for a price retracement.
Bearish pressure on PePe Coin
Pepe price is currently under bearish pressure, with signs of selling around its recent high of $0.0000116. The coin is attempting to move below the EMA20 trendline, which could signal a change in the dominant trend.
A decisive move below the key support area of $0.00001 to $0.000008 would confirm a downtrend, potentially leading the pair towards a strong support level at $0.0000055.
Taking a closer look at the $PEPE token on a 3-day chart, Martinez identifies important indicators signaling a potential slowdown. The TD Sequential Indicator has recently issued two notable sell signals: an aggressive 13 and a green nine candle. These signals indicate a potential exhaustion of the uptrend, hinting at a possible reversal in price momentum.
In addition to the TD Sequential signals, Martinez notes a bearish divergence between $PEPE price action and the Relative Strength Index (RSI). As the RSI indicator's sharp decline towards the midline suggests that bears are currently dominating the price chart.
Strong buyer defense
Despite these bearish signals, buyers are striving to maintain the price of Pepe above the 20-day exponential moving average (EMA) at $0.00001. A successful defense of this level could result in a rise towards the recent high $0.0000116.
From now on, Pepe Coin is trading at $0.0000102reflecting a drop of more than 4.9% in the last 24 hours.