Bitcoin‘in (BTC) recent price decline has led to corrections across various cryptocurrencies. The meme token sector was also affected, resulting in significant price drops. However, PEPE (PEPE) was one of the meme tokens that managed to rise during this period. According to new data, it has performed better than ARB in terms of market value, ranking as the third largest meme token.
PEPE Faces a Downtrend
PEPE’s journey has not been easy in recent months. After testing the $0.000001082 level on March 14, the price began to fall. PEPE then continued to show multiple lower lows and lower highs, indicating a downtrend. There was no sign of a reversal until April 23, when it tested the $0.000000793 level and broke the cycle of lower highs and lows.
Although the cryptocurrency’s price has not surpassed this level in the last few days, some bullish sentiment and momentum could help the meme token see a rise in the near future. However, at the time of writing, indicators were not in favor of PEPE. The Chaikin Money Flow (CMF) has dropped in recent days. A falling CMF indicates that the amount of money flowing into the token has significantly decreased. Moreover, the Relative Strength Index (RSI) has also dropped, showing a significant decrease in bullish momentum around the meme token.
PEPE Sees Increased Trading Volume
The mentioned factors indicate that PEPE may move sideways for a while before retesting the $0.000000793 level in the future. At the time of writing, the token is trading at $0.000006847, and its price has increased by 6% in the last 24 hours. Additionally, PEPE’s trading volume has increased by 38% during this period. Due to the recent price increase, short positions worth $3.09 million have been liquidated in the last 24 hours.
