PEPE trades at $0.00002048, over the last 24 hours.
The meme coin’s daily trading volume has surged by over 26%.
The overall crypto market is recovering from the recent plunge, reaching a total market cap of $3.58 trillion. Notably, in the past 24 hours, the meme coin market cap rose by 2.1% to $129 billion, while major assets like DOGE, SHIB, and PEPE displayed mixed signals.
The frog-themed coin, PEPE, has witnessed a price drop of 3.05% over the day. At the time of writing, the meme coin traded for $0.00002048. PEPE opened the day trading at $0.00002088, and eventually visited the lowest and highest price levels at $0.00002041 and $0.00002133, respectively.
Moreover, the market has witnessed a $2.14 million PEPE liquidation during this timeframe. Consequently, the meme coin’s daily trading volume has reached $1.24 billion.
On the other hand, a whale recently deposited 217 billion PEPE worth $4.54 million to Kraken, securing a $767k profit in just 17 days. The whale currently holds 1.21 trillion PEPE in two wallets, with an additional $4.05 million in unrealised profit. Earlier in 2024, this whale made an estimated $11.39 million profit from its first PEPE trade.
Will PEPE Make a Comeback?
The technical chart reports moderate bullish sentiment in the market. The moving Average Convergence Divergence (MACD) line is found below the signal line. It indicates the bearish momentum and selling pressure in the market.
PEPE chart (Source: TradingView)
The Chaikin Money Flow (CMF) indicator is positioned at -0.02, suggesting a negative money flow subsequently might lead to increased selling. Meanwhile, the meme coin’s daily trading volume has surged by over 26.35%.
PEPE’s four-hour trading pattern is on the downside. The current bearish pace might have the potential to push the meme coin down, below the current price. The meme coin could test the immediate support at $0.00002011. Extended losses might lead PEPE to plunge even low.
In contrast, if PEPE’s ongoing momentum reverses, a potential upside correction emerges, and that might initially test the $0.00002089 range. Subsequent resistance can be found at the $0.00002117 level.
Additionally, the in-progress market sentiment of PEPE is neutral to slightly bearish as the daily relative strength index (RSI) sits at 46.02. Besides, the daily frame of the meme coin reveals the short-term 9-day moving average below the long-term 21-day moving average.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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