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The cryptocurrency market has been experiencing a bearish trend lately in the last several weeks with PEPE coin finding support after a significant selloff in the whole crypto market. As of the latest data today PEPE is trading at $0.000009212 which is up 13.90% in the last 24 hours. Its market cap stands at $3.88 billion ranking it 24th among cryptos and with a 24-hour trading volume of $1.01 billion which is up 22.81%.
Recent events have contributed to market uncertainty. Mt. Gox which is a collapsed Japanese crypto exchange transferred $2.7 billion worth of Bitcoin from its cold storage wallets as part of its plan to repay creditors. Additionally the German government moved over 3,000 Bitcoin worth approximately $173 million to multiple locations including major exchanges like Coinbase, Kraken and Bitstamp. This led to BTC drop below 54K and therefore most of the altcoins also followed the lead.
PEPE coin specifically faced selling pressure when two whales dumped a collective $1.02 trillion PEPE to crypto exchanges. One whale address deposited 435 billion PEPE to Binance potentially facing a loss of $1.21 million if sold at current prices. Simultaneously the market maker Wintermute sold 593.6 billion PEPE for $4.61 million.
Looking at its technical analysis we see that PEPE has experienced a 55% pullback from its all-time high of 0.00001725 on May 27th. The coin found horizontal support at 0.00000763 on July 5th after the broader market sell-off coinciding with the 200 EMA at 0.00000771. This confluence suggests a stronger support level and we might see PEPE recover.
The daily RSI currently sits at 35 indicating recent bearish momentum. However the price rejection at the support level and today's bullish trading suggest a potential trend reversal. Looking at higher timeframes for confirmation of a bullish reversal, an analyst stated in X that bullish times may be ahead for crypto and meme coins.
The market is most likely getting ready for a significant bull market but again caution is advised as further confirmation on the higher timeframe and perhaps several other confluences is needed. The convergence of technical indicators and market sentiment will play a crucial role in determining PEPE's short-term price action.
