PEPE has factored in a modest price increase of 0.51% in the last 24 hours.
The memecoin’s daily trading volume has dipped by 17.05% as per CMC data.
With New Year just days away, the sector sees a holiday lull hanging over it. With minimal activity and members retreating for the break, prices have also hit a snag freefalling to previous levels. The overall crypto market has now for the third consecutive day seen price drops. Not to mention, Bitcoin has receded to the $94K level in the last 24 hours.
The altcoin sector has not been doing too well either. While leading cryptocurrencies such as Ethereum combat price drops, the bearish wave hasn’t spared memecoins as well. Frog-themed memecoin PEPE has witnessed significant price drops in the recent past.
Although, according to its daily price chart, it has factored in a modest price increase of 0.51%. However, it cannot be denied that PEPE still stays under hold of bearish trends. This past day’s cycle saw an intra-day low of $0.00001776 before bullish candles sparked. At the time of writing, PEPE was trading at $0.00001818 as per CMC data.
Zooming out, over the past month, the memecoin shows a price drop of 7.40% influenced by the recent market crashes. This caused it to free fall to current levels after hitting an all-time high of $0.00002825 in the month’s beginning. The past 7 days’ data states a 4.18% drop thus accounting for the bearish week.
Will PEPE Price Recover?
Inferring its recent price actions, PEPE shows a descending channel pattern. Towards the end of the pattern, a brief price consolidation can also be detected. These observations suggest that PEPE is currently in the bearish trend and further falling to support levels can be expected.
PEPE/USDT Daily Price Chart (Source: TradingView )
Additionally, the cryptocurrency’s Moving Average Convergence Divergence (MACD) signal line stands below the MACD line. This further highlights the negative market situation confirmed earlier. Subsequently, the bearish condition has resulted in a selling spree in the market. The RSI value standing at 43.93 as per TradingView data reveals such an indication.
However, if the memecoin manages to prolong the modest price increase of the past day, it might get closer to showing recovery signs. Finally, other memecoins such as DOGE and Shiba Inu have also encountered price declines in the last 24 hours.
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