- PEPE is trading at $0.00001276, with a loss of over 15% in the last 24 hours.
- The meme coin’s daily trading volume has surged by over 58%.
The trading day opened with the global crypto market cap sinking by over 5.19%, landing at $3.43 trillion. In parallel, the meme coin market cap fell to $101 billion, reflecting a 9.1% decline in the past 24 hours. PEPE, the third-largest meme coin, has suffered a loss of 15.09%.
The prolonged bearish wave in the market has brought in intense price volatility. The frog-themed meme coin has formed a daily low of $0.00001288 from the peak of $0.00001509. At the time of writing, the meme coin was trading at $0.00001276 with its market cap staying at $5.37 billion.
Furthermore, during this timeframe, the market witnessed a $6.03 million PEPE liquidation. Consequently, the meme coin’s daily trading volume reached $895 million.
Contrarily, several whales have sold off large amounts of PEPE to Binance. Notable transactions include the deposits of 430 billion PEPE worth $6.39 million, 325.5 billion PEPE valued at $4.9 million, and 140.83 billion PEPE worth $1.98 million. Besides, 200.88 billion PEPE was sold for $2.85 million in USDC.
Could PEPE See a Comeback?
PEPE’s Moving Average Convergence Divergence (MACD) line is positioned beneath the signal line. This crossover indicates the weakening momentum and a sign to sell or avoid entering long positions.
The Chaikin Money Flow (CMF) indicator found at -0.15 suggests a decreased money flow and strong selling pressure in the market. Meanwhile, the meme coin’s daily trading volume has increased by over 77.81%.
The meme coin’s four-hour price chart exhibits a steady downside correction. Hence, it might retest the former support level at $0.00001254. If the selling pressure strengthens, the price of the meme coin could drop toward $0.000012 or even lower.
Conversely, in case the current momentum diminishes, a rally could pick up again, and the price might test its resistance at $0.00001309. Crossing this barrier could act as a catalyst for a rally, opening the door to a surge heading to $0.000014.
In addition, with the daily relative strength index (RSI) at 27.41, the ongoing market sentiment of PEPE is in the oversold territory. Moreover, the daily frame of the meme coin reveals the short-term 9-day MA below the long-term 21-day MA.
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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