The crypto market is facing a downturn at the start of the year, and memecoins like PEPE are not spared from the negative trend. However, PEPE is showing signs of modest growth.
Overall Crypto Market Downturn
As the New Year approaches, the crypto market is experiencing a lull. Activity is minimal, and many participants are withdrawn from trading. Prices have been dropping for the third consecutive day, with Bitcoin reverting to the $94,000 level.
Current Price Analysis of PEPE
Despite the general decline, the memecoin PEPE has shown a slight increase of 0.51% in the last 24 hours. At the time of writing, PEPE was trading at $0.00001818. Over the past month, a 7.40% decrease has been recorded, attributed to recent market downturns.
Prospects of PEPE Recovery
Recently, PEPE has been displaying a descending trend with signs of price consolidation. Technical indicators such as the MACD line point to prevailing bearish sentiments. However, if the memecoin manages to sustain the modest growth, it might indicate potential recovery.
While PEPE and other memecoins show price declines, they also exhibit some signs of possible recovery. Time will tell if they can overcome the current market trends.
