MEME-Inspired Cryptocurrency Pepe has lost nearly 6% of its value in the last 24-hour period sliding to a low $ 0.0000107 even when major investors accumulate.
Cryptocurrency trading volumes increased into the billions of tokens in the middle of the drop as the token continued to find support in the middle of the intense sales pressure. The droplet came in the middle of a wider crypto market’s step -down where the wider Coindesk 20 (CD20) Index lost 1.8% of its value.
Memecoins were particularly hit hard in sales. Coindesk Memecoin index dropped almost 5% over the past 24 hours, while Bitcoin saw a drop of 0.8%.
The drip comes just days after the Altcoin season’s speculation grew among cryptocurrency circles over the Federal Reserve’s expected interest rate section later this week, which is expected to be a blessing of risk assets.
Nansen data shows that over the past week they have the top 100 non-exchange addresses holding Pepe on the Ethereum network, seen their possessions grow by 1.38% to 307.33 trillion tokens, while Exchange cartoons had a fall of 1.45% in possession to 254.4 trillion tokens.
Overview of Technical Analysis
PEPE’s price action pointed to a market in retreat, according to Coindesk Research’s technical analysis data model. The token fell from $ 0.000011484 to $ 0.000010782, where sellers dominated the chart.
The price peaked with $ 0.000011732 during a resistance test, but volume swelled to 5.5 trillion tokens at this level before the market eventually became lower.
Support showed signs of voltage in the next phase, with token brushing against $ 0.000010746. Trade activity intensified again and hit 7.7 trillion tokens and amplifies the bearish mood.
Cryptocurrency’s price whipped within a 9% intraday area, a sign that dealers remain uncertain whether the support level wants.
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