PEPE trades at $0.00002014, over the last 24 hours.
The meme coin’s daily trading volume has plunged by over 30%.
The trading day opened with the global crypto market cap settled at $3.35 trillion. Bitcoin (BTC), the largest asset, is on the verge of $100K, currently trading at $98.1K. Along with this, the meme coin sector exhibits mixed signals.
The meme coins such as DOGE and SHIB are trading on the downside. Notably, the frog-themed meme coin, PEPE, has plummeted by over 2.58% in the last 24 hours.
The Pepe price had a price surge on November 14, which pushed the price to a high of $0.00002484 from $0.00000774. Since then, the token value has hovered around the $0.000020 range.
PEPE opened the trading day at $0.00002074 and visited the lowest and highest price levels at $0.00001918 and $0.00002086, respectively. At press time, the meme coin trades at $0.00002014, with the market cap resting at $8.48 billion.
On the other side, the market has observed a $2.60 million in PEPE liquidated during this timeframe. Consequently, the meme coin’s daily trading volume has reached $2.87 billion.
Yet, a PEPE whale has sold 74.07 billion tokens worth $1.53 million for 448.1 ETH as $PEPE’s price slipped down. Over the past three days, this whale offloaded a total of 130.2 billion PEPE for 891 $ETH. Despite this, the whale holds 3.241 trillion PEPE valued at $64.1 million, with a total profit of $68.3 million.
Might PEPE Experience a Resurgence?
The meme coin’s four-hour price chart suggests the potency of the downside correction. PEPE’s ongoing negative sentiment and increasing selling pressure could drive the price below its current trading level. It might likely bring in a retest, and the meme coin might head toward the $0.00001805 support zone.
If PEPE potentially regained its strength, it could trade on the upside. A notable breach might push the price to hit $0.00002278 and rally beyond that. A few days ago, the meme coin hit its all-time high of $0.00002524.
In addition, the technical indicators have inferred the active negative momentum of PEPE. Notably, the Moving Average Convergence Divergence (MACD) line resides beneath the signal line, suggesting the incoming bear run.
PEPE chart (Source: TradingView)
It’s relevant to mention the Chaikin Money Flow (CMF) indicator at -0.10, suggesting the decreased money flow and subsequently hinting at an emerging bearish trend. Meanwhile, PEPE’s daily trading volume has plunged by over 30%.
Besides, the in-progress market sentiment of PEPE is in the neutral zone, with the daily relative strength index (RSI) sitting at 49.35. Moreover, the daily frame of the meme coin exposed the short-term 9-day moving average below the long-term 21-day moving average.
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