The cryptocurrency market in general is recovering from a recent plunge, reaching a total market capitalization of $3.58 trillion. Notably, in the past 24 hours, the market cap of the meme coin has increased by 2.1% to $129 billion, while major assets like DOGE, SHIB, and PEPE show mixed signals.
The frog-themed coin, PEPE, has witnessed a price decline of 3.05% over the day. At the time of writing, the meme coin is trading at $0.00002048. PEPE opened the day at $0.00002088 and ultimately reached a low and high of $0.00002041 and $0.00002133, respectively.
Furthermore, the market has witnessed a liquidation of PEPE worth $2.14 million during this period. Consequently, the daily trading volume of the meme coin reached $1.24 billion.
On the other hand, a whale recently sent 217 billion PEPE worth $4.54 million to Kraken, securing a profit of $767,000 in just 17 days. The whale is currently holding 1.21 trillion PEPE in two wallets, with an additional $4.05 million in unrealized profits. At the beginning of 2024, this whale made an estimated profit of $11.39 million from its first PEPE trade.
Will PEPE make a comeback?
The technical chart reports a moderately bullish sentiment in the market. The Moving Average Convergence Divergence (MACD) line is below the signal line. This indicates bearish momentum and selling pressure in the market.
The Chaikin Money Flow (CMF) indicator is positioned at -0.02, indicating negative cash flow that could lead to further selling. Meanwhile, the daily trading volume of the meme coin has increased by over 26.35%.
The four-hour trading chart of PEPE is trending downwards. The current rate of decline could potentially push the meme coin below the current price. The meme coin may test immediate support at $0.00002011. Prolonged losses could drive PEPE down to even lower levels.
Conversely, if PEPE's upward momentum reverses, a potential upward correction could occur, initially testing the $0.00002089 range. The next resistance could be found at $0.00002117.
Additionally, the ongoing market sentiment for PEPE is neutral to slightly bearish, with the daily Relative Strength Index (RSI) at 46.02. 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.
