Bitcoin's Wind Hit Meme Tokens! PEPE Also Went into Decline!

The recent price decline of Bitcoin (BTC) led to a general correction in various cryptocurrencies. The meme token industry was also affected by the same situation, causing massive price drops. However, PEPE (PEPE) is one of the meme tokens that managed to experience an increase in this period. According to new data, the third-largest meme token managed to outperform ARB in terms of market cap.

PEPE's journey over the last few months has not been easy. After testing the $0.000001082 level since March 14, the price started to decline. PEPE continued to show multiple lower lows and lower highs thereafter. In this case, it indicates a downward trend. There were no signs of a reversal for a long time until it tested the $0.000000793 level on April 23 and broke the cycle of lower highs and lows.

Even though the price of the cryptocurrency has not been able to surpass this level in the last few days, some bullish sentiment and momentum could help the meme token rise in the near future. However, when the article was written, the indicators were not in favor of PEPE. CMF (Chaikin Money Flow) has fallen in the last few days. A falling CMF indicated that money flowing into the token had dropped significantly. Moreover, the relative strength index (RSI) has fallen. In this case, the meme shows that the bullish momentum around the token has decreased significantly.

The mentioned factors suggest that #PEPE could move sideways for a while before retesting the $0.000000793 level in the future. At the time of writing, the token is trading at $0.000006847 and its price has increased by 6% in the last 24 hours. In addition, PEPE's transaction volume increased by 38% in this period. Short positions worth $3.09 million were liquidated in the last 24 hours due to the recent increase in the price of the cryptocurrency.
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