Pepe (PEPE) has faced considerable volatility, mirroring the broader cryptocurrency market's downturn. In the last 24 hours, Pepe’s price fell by 3% to trade at $0.000008395 now. This decline coincided with a fall of 3% in the total crypto market cap that sent it down to $2.04 trillion. However, despite the bearish trend, there are signs that Pepe could rebound.
Since hitting an all-time high of $0.00001717 and reaching a market capitalization peak of $6.8 billion, Pepe’s price has maintained an overall downward trajectory. The lower death cross point witnessed at $0.0000129 ratcheted up bearish pressure, resulting in a continuous downtrend within a descending channel pattern. PEPE is currently trading beneath its 50 and 200-day Simple Moving Averages (SMA), which confirm that it is going through a downtrend.
Presently, Pepe is testing an important support level around the $0.00000773 threshold and if this holds then this could be grounds for rebounding where another increase of about 26 percent will take prices to around $0.00001108 touching upon the 50-day SMA. However, the inability to keep a hold of this support may lead to more losses with the next support placed at $0.00000650 or down by over 20 per cent from current levels.
PEPE holders increased by 5.76% in the last month according to Santiment and Etherscan Data and by only 0.01% within the past day suggesting that investors are buying more despite falling prices, thereby signaling bullishness among the community. Moreover, rising transaction volumes popularly known as whale activity mean strategic purchases probably waiting for an upward price move.
Despite being bearish, there are indications that Pepe’s price may recover. Consequently, RSI plummeting into oversold territory could result in buybacks which can lead to bouncing back along the declining channel. If bulls manage to break resistance levels at $0.000001009 and $0.00001167, Pepe could set a new all-time high of $0.0000173.
Pepe’s recent price movements reveal its susceptibility to market volatility but also its ability to bounce back. The growth of holders alongside whale activity shows underlying bullishness that if key support zones hold could be a catalyst for recovery.