PEPE Price Surges 35.2% in Four Days, Despite Facing a 75.1% Drawdown from Its December Highs

The memecoin sector has been one of the worst-performing areas in the cryptocurrency market, suffering substantial losses in recent months.

The price of memecoin PEPE has risen by 35.2% over four days. It is now trading for $0.00878, having fallen by 75.1% since December 7. The broader cryptocurrency market has also struggled recently, with the memecoin sector losing $87.5 billion. This represents a 63% reduction in value since December 9.

The memecoin sector has been one of the worst performers in recent months. It has also been subject to a lack of significant buying interest, which could hamper hopes of a swift recovery in PEPE.

The balance of PEPE on exchanges has shown a downward trend. This suggests that holders are withdrawing their assets for long-term storage, known as HODLing. It could be seen as a bullish sign, but it hasn't helped to stem the ongoing price decline.

Key indicators reflect a bearish sentiment among PEPE holders. The spent output profit ratio (SOPR) has remained below 1 since early February, indicating that many holders are selling at a loss.

The moving average convergence divergence (MACD) is below zero, which reinforces the bearish momentum. The overall market structure has been unfavorable since late January, with selling pressure leading to a series of lower lows for PEPE.

The post As memecoins struggle, is PEPE showing signs of recovery? appeared first on CC Chain.