Memecoin, PEPE has witnessed a notable price drop of 10.20% of daily decline.
The token’s outflows recorded $3.96 million in the last 24 hours according to Coinglass data.
The cryptocurrency sector is still wading through a market crash this week, as leading currencies resist market recovery attempts. In the midst of large tokens, memecoins have also witnessed price downfalls. Frog-based memecoin PEPE caught investor attention for its significant price drop in the last 24 hours. The token has recorded 10.20% daily declines in price and is one of the top losers of the day.
Moreover, at last week’s beginning, PEPE was trading at a weekly high of $0.00001193 having already incurred price drops over the past month. The overall crypto market’s price drop fueled a bearish trend in PEPE as well. Over the past seven days, the memecoin has recorded a 29.62% decline in market price. At the time of writing, PEPE was trading at $0.00000842.
Zooming out, over the past month, PEPE price slid down by a profound 34.32%. With its short-term 9-day MA standing below the long-term 21-day MA, the token clearly indicates a bearish takeover. Meanwhile, its year-to-date (YTD) price hike remains unaffected at 546.15%.
PEPE/USDT Daily Price Chart (Source: TradingView )
Additionally, the token’s RSI stands at 34.26 indicating the strong selling sentiment per TradingView reports. According to Coinglass data, PEPE, in the last 24 hours recorded $3.96 million outflows approximately.
PEPE 24H Price Analysis
According to CMC data, the PEPE daily price chart shows that the token was trading at the $0.0000090 level on July 7. As the day progressed, the memecoin showed modest price declines hitting an intra-day low of $0.000009085. Meanwhile, its daily trading volume has shown a 15.40% increase.
However, in the early hours of July 8, PEPE slid down to trade at $0.0000089 levels and as the day progressed it showed an increasing bearish takeover. The prices fell to find support at $0.0000083. Moreover, it hit a 7-week low of $0.00000775 momentarily in the last 24 hours.
Thirdly, when questioning where the PEPE price is headed in the coming weeks, market analysts continue to hold a positive outlook toward an upward movement in price. Additionally, TheNewsCrypto analysts have predicted that PEPE will hit a bullish price of $0.00004965 in 2024.
Finally, amid the overall market crash, Bitcoin ETFs were one of the few digital assets that saw inflows as investors are taking advantage of the price dip.
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