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Pepe [PEPE] rose 5.13% over the past week while Bitcoin [BTC] and Ethereum [ETH] declined, according to AMBCrypto. The memecoin’s gain stood out against a broader crypto market downturn driven by weakness in traditional stock markets.
More coverage is filed under Altcoins.
Earlier reporting: Binance shuts down Bitcoin mining pool Nov 10 as hashrate falls 65%.
As of 09:30 UTC, Bitcoin traded at $74,363, +0.2% over 24 hours, with $24.8 billion in 24-hour volume.
Market Sell-Off and Liquidations
In the past 24 hours, Bitcoin shed 1.87% and Ethereum dropped 5.27%. Crypto assets were negatively affected by weakness in stock markets, particularly in the technology and artificial intelligence sectors, alongside a broader risk-off sentiment. More than $1 billion in leveraged crypto positions were wiped out during this period due to a sharp sell-off in equities.
The volatility in traditional markets had a direct impact on digital assets. S&P 500 Futures saw $300 billion in market cap wiped out one minute after the market opened. These losses were reversed just six minutes later. Bitcoin slipped below the psychological $75,000 level as a result of the selling pressure. Ethereum continued its bearish momentum and was on the verge of sliding below the $2,000 support level.
Memecoin Sector Performance
Data from Glassnode showed that the memecoin sector was one of the worst performers in the crypto market over the past week. The sector’s market cap decreased by 7.3%, compared to a 6.3% loss for Ethereum and a 4.1% drawdown for Bitcoin. Dogecoin [DOGE] was down 8.1% over the same period.
Pepe moved in the opposite direction, posting a 5.13% gain over the past week. Despite this relative strength, the token has struggled to push convincingly beyond the $0.0000050-$0.0000052 supply zone. In the past 24 hours, PEPE saw a 212% increase in daily trading volume and bounced by 5.45%. The token remains unable to climb above the $0.0000052 resistance level.
Technical Indicators and Supply Zone
AMBCrypto previously identified the Value Area High as an important resistance level for Pepe. This level has moved higher from $0.00000491 to $0.00000518 due to price action and volume trends over the past ten days. The memecoin has not yet broken out past this supply zone or beyond the $0.00000536 swing high recorded in September.
The On-Balance Volume (OBV) indicator maintained an upward trajectory, indicating steady buying pressure on PEPE. The 4-hour chart showed price compression in progress, while the wider price structure on this timeframe retained a bullish bias. Swing traders may expect a breakout to the upside in the coming days due to this compression, according to the analysis.
Source: AMBCrypto
