The trading day opens with the global cryptocurrency market cap set at $3.35 trillion. Bitcoin (BTC), the largest asset, is on the brink of $100,000, currently trading at $98.1 thousand. Along with that, the meme coin sector also shows mixed signals.
Meme coins like DOGE and SHIB are trading downwards. Notably, the meme coin themed around the frog, PEPE, has dropped more than 2.58% in the past 24 hours.
The price of Pepe surged on November 14, pushing the price up to a high of $0.00002484 from $0.00000774. Since then, the value of this token has fluctuated around $0.000020.
PEPE opened the trading day at $0.00002074 and reached a low and high of $0.00001918 and $0.00002086, respectively. At the time of the press report, this meme coin was trading at $0.00002014, with a market cap of $8.48 billion.
On the other hand, the market has witnessed $2.60 million of PEPE liquidated during this period. Consequently, the daily trading volume of the meme coin reached $2.87 billion.
However, a PEPE whale sold 74.07 billion tokens worth $1.53 million for 448.1 ETH as the price of $PEPE dropped. In the last three days, this whale has sold a total of 130.2 billion PEPE for 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 revive?
The four-hour price chart of the meme coin shows the strength of the ongoing downtrend. The negative sentiment surrounding PEPE and increased selling pressure could push the price below the current trading level. It is likely to retest, and the meme coin may head towards the support area of $0.00001805.
If PEPE has the potential to regain strength, it could trade upwards. A notable breakout could push the price up to $0.00002278 and rise beyond that. A few days ago, the meme coin reached an all-time high of $0.00002524.
Additionally, technical indicators have inferred that negative momentum is at work for PEPE. Notably, the moving average convergence divergence (MACD) line is below the signal line, indicating an impending downtrend.
It is relevant to mention the Chaikin Money Flow (CMF) indicator at -0.10, indicating a decline in money flow and then suggesting an emerging bearish trend. Meanwhile, PEPE's daily trading volume has decreased by more than 30%.
Moreover, the ongoing market sentiment for PEPE is in a neutral zone, with the daily relative strength index (RSI) at 49.35. Furthermore, the daily chart of the meme coin shows that the 9-day short-term moving average is below the 21-day long-term moving average.