The crypto market is experiencing a massive sell-off, with meme coins among the hardest-hit assets. Frog-themed cryptocurrency PEPE has dropped over 26% in the last 24 hours, marking a 67% total decline from its all-time high of $0.000028, reached in December last year.
Currently, PEPE is showing signs of slight recovery, trading at $0.00000967, which represents a 20% bounce from its daily low. A key indicator of potential market shift is the 237% increase in trading volume, surpassing $3.26 billion in the last 24 hours. This spike in trading activity suggests that traders are repositioning, possibly signaling a change in momentum.
Despite the sharp decline, rising trading volume indicates that some investors might be taking advantage of lower prices, which could support a potential rebound.
Can PEPE Start a Recovery?
Since hitting its December high of $0.000028, PEPE has been on a consistent downtrend. The price first broke below the 50-day SMA at $0.00001752 and stayed under this level until late January, before plunging further to $0.0000113.
A major turning point occurred when PEPE fell below the 200-day SMA at $0.00001328, losing a key support level that had held since November. After briefly bouncing for three days under this level, PEPE lost momentum again and added another zero to its price.
Today’s low of $0.0000079 marks the third consecutive day of losses. If the current session closes in the red, further declines may follow.
Key Levels to Watch
The first sign of strength for PEPE would be a bounce above the 50-day and 200-day SMAs. If the price successfully reclaims these levels, it could pave the way for further gains.
However, PEPE’s potential recovery largely depends on broader market conditions. If Bitcoin and other major cryptocurrencies rebound, meme coins like PEPE could follow suit.
On the downside, if selling pressure persists, PEPE could test the $0.0000079 support level. A break below this critical zone could trigger another wave of sell-offs, sending the price even lower.
Will PEPE manage to recover, or is it headed for new lows? Investors will be closely watching key support levels and overall market sentiment.
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