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This Sunday, December 22, a large part of the top 100 cryptocurrencies continue to trade lower. Although Bitcoin has stopped its sharp decline, it is still operating in negative territory, with a current price of $95,749.
In the case of PEPE, the situation is not very different. It is currently trading at $0.0000174, with daily losses of 0.87%, weekly losses of 26.4% and monthly losses of 13.6%.
The crypto market, in general, has failed to stop the downward trend, although some analysts suggest that the worst may be over.
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Factors that influence the price of PEPE
In recent days, PEPE has shown a rebound from the low levels of December 20, when its price fell to $0.0000147. This move indicated that the token was in an oversold zone, prompting an upward correction.
Another factor that favored this recovery was the stabilization of Bitcoin above $93,000 and its subsequent rebound towards $97,000.
Looking ahead, if Bitcoin manages to break the psychological barrier of $100,000, we could see a more significant recovery for both PEPE and the rest of the altcoins.
Transaction volume: PEPE stands out among memecoins
In terms of transaction volume, PEPE recently ranked second among memecoins, with $3.77 billion in the last 24 hours. It was second only to DOGE and surpassed competitors such as SHIB, BONK, and PENGU.
List of memecoins by transaction volume:
This high volume is a sign of sustained interest, although the technical outlook still presents challenges.
PEPE Technical Analysis: Key Levels to Consider
PEPE’s chart shows that although it is on a rebound following the December 20 correction, it is still trading below the 20, 50, 100, and 200 exponential moving averages (EMA), indicating that the bearish trend persists.
Additionally, the 50 EMA has crossed lower to the 200 EMA, a negative technical signal known as a death cross.
Analysis of PEPE charts: Important levels. Source: TradingView
Important resistances:
- $0.000020: Coincides with the 200 EMA.
- $0.000024: Second significant barrier.
- $0.0000282: Highest historical level for PEPE.
Key supports:
- $0.0000166: Immediate double floor.
- $0.0000144: Last minimum reached.
- $0.000012: Lower support in case of a significant drop.
The RSI at 40 points indicates that the market is still far from oversold, so further declines could occur if bearish pressure persists.
Outlook for PEPE and memecoins
As 2025 approaches, the memecoin market is watching with anticipation the impact of Donald Trump’s administration and the possible creation of the government department DOGE, promoted by Elon Musk.
Let us remember that these proposals were a catalyst for the memecoin rally in recent weeks. If the DOGE project materializes, it could be the starting point for a new rally in this market segment.
For now, the top 10 memecoins continue to show significant losses, led by PENGU and WIF.
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