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PEPE coin, a popular meme cryptocurrency, has been experiencing considerable bearish sentiment in the last few days. The latest trading sessions show that PEPE’s price lost around 8.2% of its value over the last 24 hours, which is indicative of a general negative trend in the weekly performance. This decline shows increased selling pressure and a lack of confidence.
Recently, PEPE has been struggling to maintain momentum, with movements concentrated below the 20-day Exponential Moving Average (EMA), suggesting a short-term bearish trend. Furthermore, the price has also broken below 50-day EMA snf now resting at 100 EMA, showing sustained selling pressure by sellers. Consequently, if PEPE fails to reclaim higher levels within a short time then this shift may indicate stronger bearish sentiment.
PEPE Coin has seen significant resistance around the $0.0000126 level with multiple attempts but yet not break the level indicating strong bearishness overtones. Unless it manages to cross convincingly beyond this level, this persistent resistance implies that PEPE could still face challenges recuperating near its immediate support at $0.00001043 in the short term.
The technical analysis of Pepe coin depicts various indicators aligning themselves for a bearish move:
Relative Strength Index (RSI): RSI currently stands just below the halfway point at 43.02 showing a bearish momentum.
Moving Average Convergence Divergence (MACD): MACD lines have held close together forming a weekly declining cross and signaling the potential for a continuation of the downtrend in the coming days.
These indicators appear consistent with cautious market sentiment towards MEME coins, which could see the latter enter into a period of consolidation or even a modest bearish move as investors refrain from making overly aggressive purchases.
There has been a significant change in the overall meme coin space with the hype, which was pushing forward many meme cryptos earlier gradually fading. The majority of popular meme coins like PEPE have underperformed most of their lesser-known counterparts for the last 30 days based on data provided by IntoTheBlock indicating that only a select few less-known meme tokens are gaining value. This is a testament to the challenge involved in sustaining momentum among these digital assets amidst changing market conditions and investor attitudes.
In particular, the PEPE coin has seen more people hold on for the short term which is usually below one month. From IntoTheBlock’s Balance by Time Held metric, the quick buy-and-sell traders have grown their wallet balances by over 31% within just one month. These increased activities in short-term trading raise market volatility thereby complicating attempts at maintaining an uninterrupted uptrend in PEPE’s price.
Such growing numbers of short-term speculators including some “cruisers” – who own coins for one to twelve months – make PEPE’s daily movements way more erratic than before. After rising approximately 42% from its two-month low since July 5th, it still seems difficult for PEPE to consolidate its upward trend well enough to close comfortably above this psychological level, hovering around $0.00001055.
