Pepe, a popular meme coin, has recently experienced a downturn in its value, reflecting broader market trends. The cryptocurrency has seen increased volatility, signaling uncertain times for investors. Currently, Pepe is trading within a bearish trend, struggling to find stability as it hovers below key support levels.
The downward pressure on Pepe's price comes as most cryptocurrencies are seeing red, aligning with the broader decline in the market, particularly among other meme coins. This trend suggests that the current market environment is challenging for speculative assets, with bearish sentiment prevailing across the board.
Pepe's price has seen notable fluctuations, trading at lower volumes over the past 24 hours. At the time of writing, the Pepe price stood at $0.05746, reflecting a decrease of 3.49%.
According to CoinMarketCap data, the cryptocurrency's market capitalization has declined to $3.14 billion. Trading volume has notably decreased by 41.50%, amounting to $282.13 million. Pepe tokens' total and circulating supply remains steady at 420.69T, indicating a fully diluted market cap of $3.14 billion.
Most of the meme coins are trading in a bearish trend. Dogecoin has decreased slightly in value. Shiba Inu also experienced a minor dip, continuing its recent instability trend. Other coins like dogwifhat and Bonk have similarly shown declines, with FLOKI experiencing a modest fall.
Pepe's cryptocurrency market saw notable activity recently. Lookonchain reported a significant transaction by a major PEPE token holder. The whale transferred a staggering 330 billion tokens into Kraken.
These tokens have an estimated value of about $2.53 million. Such a large move to an exchange typically indicates a plan to sell off the assets. Interestingly, this transaction is at a loss for the whale, potentially exceeding $3 million.
The Pepe price could dip beneath the current support mark of $0.0000075 if the negative market trend persists. Should this downturn continue, it might fall to $0.000007, eventually touching a low of $0.0000065, showing significant sell-off activities.
On the flip side, a market recovery could propel Pepe price over the resistance threshold of $0.0000105. Should buyer momentum hold, it could climb to $0.000011 and might even spike to $0.000015 during a potential bullish phase.
Over the past week, the cryptocurrency (PEPE) has experienced a significant decline, falling by 17.63%. The current price stands at $0.057499, with the currency having fluctuated between $0.07422 and $0.07768 over the last 24 hours.
The above can be justified further as a broader increase has been the identifying feature of its performance since the all-time high of $0.0001718 happened three months ago. However, even with these setbacks, Pepe has still significantly surged up 27,120.02% from the lowest price point of $0.002764 recorded a little less than a year ago.
The chart also includes daily technical analyses for PEPE and appears to be indicative of modest fluctuations in the market. This discrepancy presents little positives for the bulls as the MACD line in orange which is the signal line remains slightly above the centreline. This may however mean further pressures for the bulls in the near term.
Also, the RSI (relative strength index) registered at 45.50 is much closer to the neutral level of 50 which is where the there should be equal buying and selling pressure. Nevertheless, it has a bearish sentiment bias because it is dropping below 50.