- PEPE price hits a 30-day low after the massive token dump.
- Increased trading volume suggests potential PEPE market recovery.
A spectacular sell-off that rattled the Pepe (PEPE) market witnessed the dumping of 375.8 billion PEPE tokens (nearly $306K), followed by an additional 257.9 billion tokens.
This sell-off comes after the Securities and Exchange Commission (SEC) charged Binance, the world’s largest cryptocurrency exchange, with several serious allegations. This includes claims of mishandling customer funds, providing inaccurate information to US authorities, and tricking investors via deceptive practices.
Due to this great wave of selling pressure, the price has dropped to a 30-day low of $0.0000009763 in the previous 24 hours. As of press time, the negative trend remained strong, resulting in a 15.14% drop from the previous closing to $0.000001013.
During the recession, the PEPE’s market capitalization declined by 15.24% to $396,783,908, but its 24-hour trading volume increased by 96.82% to $190,738,391. This increase in trading volume implies that traders are still actively participating in the PEPE market despite the economic crisis, in expectation of a comeback.
PEPE/USD Technical Analysis
The Bollinger bands on the PEPE/USD are bulging, indicating the possibility of a significant price movement in either direction. Price action is going toward the lower band and creating red candlesticks, indicating that the bears are in charge of the market.
If the price action breaks through the bottom range, it might indicate a further price decline. However, if the price action rebounds off the lower range and begins to move higher, it might signify a probable market trend reversal.
On the 4-hour price chart, the Aroon down has surpassed the Aroon up, with the former reading 71.43% and the latter 14.29%, respectively. This movement shows the market’s negative attitude, as the Aroon down line denotes the strength of the downtrend, and the Aroon up line represents the strength of the rally.
However, if a crossing occurs in which the Aroon up line rises above the Aroon down line, it might indicate a change in market sentiment towards bullishness.
In conclusion, the Pepe (PEPE) market faces a challenging road ahead as selling pressure and SEC allegations weigh on its price, but active traders remain hopeful for a potential rebound.
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