The relentless bearish grip on the crypto market has pulled the total market cap down to $2.64 trillion. Meme coins have mirrored the downturn, dropping to $49.7 billion with a 3.4% decline. Among them, PEPE, the frog-themed token, has taken a 2.03% hit.
The extended bearish pressure has brought in heavy price volatility. PEPE has ascended to a high of $0.000007123 in the early hours. The active bears within the market pulled the price back to the $0.000006787 range.
At press time, PEPE traded at around $0.000006909, with its market cap resting at $2.91 billion. Furthermore, the market has witnessed a $2.89 million PEPE liquidation. Consequently, the meme coin’s daily trading volume has reached $552 million.
A whale sold 438 billion PEPE tokens for $3.03 million. The sell-off was done at a loss of $434,000, which is suggestive of panic selling or an exit during market volatility.
The bearish trajectory of PEPE could pull back the price down to $0.000006854. Further losses could provoke the meme coin to nosedive to its previous lows and test the key support range at the $0.0000066 mark.
On the upside, if the reversal of the meme coin occurs, an upside price correction might kickstart. It could test the $0.000007013 range. An extended gain would find the resistance at around $0.0000072.
The moving Average Convergence Divergence (MACD) line and the signal line of PEPE have crossed below the zero line. This indicates a strong bearish crossover, and the asset might face extended losses.
Moreover, PEPE’s Chaikin Money Flow (CMF) indicator settled at -0.10 suggests that the money is flowing out of the asset. Meanwhile, the meme coin’s daily trading volume has surged by over 26.64%.
The market sentiment of PEPE is approaching the oversold zone as the daily relative strength index (RSI) is at 30.76. Besides, the Bull Bear Power (BBP) reading of -0.00000030 signals that bearish momentum is slightly dominant.