Pepe
The seed-themed memecoin, which rose in popularity earlier this year, fell approx. 4% over the last 24 hours. The fall came when the trading activity across the Meme token sector cooled from heights seen earlier this week.
The wider MEMECOIN market, based on the Coindesk Memecoin Index (CDMEME), experienced a 3% decrease in the last 24-hour period, which markedly underpinned the wider market. Measured through Coindesk 20 (CD20) index, the wider market lost only 0.1% of its value in the period.
Whale accumulation has nevertheless been running, with the top 100 PEPE addresses at the Ethereum network as they see their inventory rising 1.5% in the last 30 days, while Pepe on stock exchanges fell by 0.5% in the same period according to Nansen data.
Overview of Technical Analysis
Pepe traded in a range of $ 0.0000081 over the last 24 hours, marking a 7% spread between high and low, according to Coindesk Research’s technical analysis data model.
The top came on $ 0.0000126621, but repeated breakout attempts over $ 0.000012 met sales pressure. Critical intraday support was tested around $ 0.0000118094. The token then moved into a tight consolidation channel between $ 0.00001181 and $ 0.00001198, signaling indecision among the traders.
The day ended with Pepe settling with $ 0.0000118, slightly above support, but under clear distribution pressure from sellers. Unless the price can recover and hold over $ 0.000012 resistance zone, Momentum may favor a gene test of lower support levels.
Volume patterns during the session suggest to buy buyer strength compared to earlier this week, which can limit the chances of a sustained break -up without renewed market catalysts.
