What Happens to the Pepe Price When Meme Coins Fall? Will the Bull Market End?

Notable meme currency $PEPE currency has been rather volatile as of late. Investors were elated as it had a stunning gain of around 400% in the last month. The fact that it has increased by 385% in the last three months shows that market confidence has been steady.

Even though Pepe Coin has had 17 profitable days out of the previous 30, it has now had a slump, falling more than 15% in the last day.

A combination of factors, including the current Federal Reserve meeting and a slump in the Indian stock market, have contributed to the current market collapse.

Uncertainty in the market has made it difficult for Pepe Coin and other cryptocurrencies to weather changing attitudes and selling pressures.

Estimate of Pepe's Value

According to the technical analysis, the pivot point for Pepe Coin is around $0.0000065, and the asset may encounter resistance at $0.0000068, $0.0000073, and $0.0000078.

On the other hand, more drops can be averted by hitting the support levels at $0.0000059, $0.0000054, and $0.0000050.

Pepe Coin may be about to enter oversold territory, according to technical indicators, which show a Relative Strength Index (RSI) of 34.

Although selling pressure has been more prevalent, this might signal that purchasing activity is on the rise, which could lead to a turnaround.

Currently, the asset's price is above the 50-Day Exponential Moving Average (EMA), which means that PEPE has been generally falling. However, if it manages to overcome this EMA, it may indicate a possible turnaround point.

There is new complexity in the asset's picture as it has just completed a 38.2% Fibonacci retracement at about the $0.00000678 level.

Pepe might be propelled towards higher Fibonacci extension levels, like 50% or 61.8%, if a bullish crossing occurs above this level; a decline below it could indicate that the downturn is continuing.

To sum up, the technical outlook for Pepe Coin is now negative, particularly in the vicinity of the pivot point of $0.0000065.

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