Pepe
The memecoin with frog theme that increased in popularity earlier this year, fell approximately 4% in the last 24 hours. The decrease occurred when commercial activity throughout the memes tokens sector cooled from the maximum seen earlier this week.
The widest memecoin market, based on the Coindesk memecoin index (CDMEME) saw a 3% decrease in the last 24 -hour period, with significant performance of the broader market. Measured through the Coindesk 20 index (CD20), the broader market lost only 0.1% of its value during the period.
However, the accumulation of whales has been ongoing, with the 100 main Pepe addresses in the Ethereum Network seeing that their holdings increased 1.5% in the last 30 days, while Pepe in exchanges fell 0.5% during the same period according to Nansen’s data.
General description of the technical analysis
Pepe quoted in a range of $ 0.0000081 in the last 24 hours, marking a 7% differential between the top and low, according to the Coindensk Research technical analysis data model.
The peak reached $ 0.0000126621, but repeated breakdown attempts exceeding $ 0.000012 fulfilled the sales pressure. Critical intradic support was tested around $ 0.0000118094. The Token then moved to a adjusted consolidation channel between $ 0.00001181 and $ 0.00001198, indicating indecision among the operators.
The day ended with Pepe establishing itself at $ 0.0000118, slightly above the support, but under a clear distribution pressure of the vendors. Unless its price can recover and stay above the resistance zone of $ 0.000012, the impulse can favor a new lower support levels.
Volume patterns during the session suggest a buyer reduction strength compared to the beginning of the week, which could limit the possibilities of a sustained upward break without renewed market catalysts.
