Bitcoin is still showing -3.5% on the trending list, while PEPE’s 24-hour change has returned to 0.
This frog really took a beating over the past couple of days. On the daily candle for 11/12 Beijing time, it closed at 0.00000436, down from 0.00000496—a 12% drop in a day. TokenPost tracked the top 90 coins by market cap, and it was the biggest loser that day. From the 11/10 high of 0.00000562, it fell about 24% overall.
The low came during the hour ending at 1 a.m. today, dipping to 0.00000429. Looking back, the 10/30 wick dipped to 0.00000431 before buyers stepped in. Both times, it nearly touched the same level.
It has now bounced to 0.00000453, about 5.6% above the low.
Volume has been very low during this bounce. From 4 a.m. to 7 a.m., hourly trading volume was only one or two million U. During the hour at 9 p.m. last night, when it was sold off, volume was 9.2 million U. The futures funding rate is still negative at -0.0062%, meaning shorts are paying.
I think Bitcoin has simply stopped selling off for now, giving the frog a chance to catch its breath. There’s no sign of big money coming back to buy it up.
Until it reclaims 0.00000485, I’m treating this as just a bounce and won’t chase it. If the daily candle closes below 0.00000430, the next level to watch is 0.00000364, where it wicked down on 10/9.
$PEPE
#PEPE #Meme
This frog really took a beating over the past couple of days. On the daily candle for 11/12 Beijing time, it closed at 0.00000436, down from 0.00000496—a 12% drop in a day. TokenPost tracked the top 90 coins by market cap, and it was the biggest loser that day. From the 11/10 high of 0.00000562, it fell about 24% overall.
The low came during the hour ending at 1 a.m. today, dipping to 0.00000429. Looking back, the 10/30 wick dipped to 0.00000431 before buyers stepped in. Both times, it nearly touched the same level.
It has now bounced to 0.00000453, about 5.6% above the low.
Volume has been very low during this bounce. From 4 a.m. to 7 a.m., hourly trading volume was only one or two million U. During the hour at 9 p.m. last night, when it was sold off, volume was 9.2 million U. The futures funding rate is still negative at -0.0062%, meaning shorts are paying.
I think Bitcoin has simply stopped selling off for now, giving the frog a chance to catch its breath. There’s no sign of big money coming back to buy it up.
Until it reclaims 0.00000485, I’m treating this as just a bounce and won’t chase it. If the daily candle closes below 0.00000430, the next level to watch is 0.00000364, where it wicked down on 10/9.
$PEPE
#PEPE #Meme