The popular memecoin PEPE experienced a notable decline in the past 24 hours, following a significant downward trend. The cryptocurrency faced a substantial market correction, falling below its previous support levels. During European trading hours, PEPE’s price fell by 15.15% to $0.000008054. CoinMarketCap data shows its current market value at $3.39 billion, a decrease of 15.14%.
What Are PEPE’s Next Steps?
PEPE, which reached an all-time high of $0.00001718 in May, has seen its price plummet by over 53% since. Launched in April 2023, the coin entered phases of consolidation after experiencing sharp rises followed by rapid declines. This volatility is typical for new cryptocurrency projects.
Last week, PEPE fell below several critical support levels, stabilizing at around $0.000008. Trading between $0.000008 and $0.000012, the coin’s trajectory remains uncertain amid increasing market volatility. This movement resulted in a 36% pullback, signaling a bearish trend as PEPE’s price dropped by 45% in June.
How Is the Market Affecting PEPE?
The broader cryptocurrency market faced substantial selling pressure today, affecting major assets like Bitcoin, Ethereum, and Solana with notable declines. Other memecoins such as Floki, Dogecoin, and Shiba Inu joined PEPE in experiencing price drops, contributing to the overall bearish sentiment in the market.
Key Takeaways for Investors
Investors should consider the following actionable insights:
- Monitor key support levels around $0.000008 for potential buying opportunities.
- Watch for signs of bullish sentiment that could drive the price up to $0.00001.
- Be cautious of further market corrections that could push the price to $0.000005.
If an upward trend is captured, PEPE’s price could rise to the nearest resistance point of $0.000009, indicating market recovery. Stabilizing there could lead the currency towards $0.00001 by month’s end. Conversely, ongoing negative trends might push it to the $0.000007 mark, further jeopardizing its position. With current market corrections, increased bearish pressure could result in the price dropping to $0.000005, signaling an oversold market.