PEPE is under selling pressure as one of the popular memecoins of the Ethereum ecosystem.
Over the last 24 hours, PEPE's value has fallen by almost 15%.
Last month, there was a 45% loss in value.
PEPE has experienced a significant decline over the last 24 hours, with a strong downward trend. Memecoin experienced a significant market correction, falling below previous support points. According to currently reported data, the price of PEPE dropped by a massive 15.15% to $0.000008054 during European trading hours. According to CoinMarketCap data, the current market value is around 3.39 billion dollars, with a decrease of 15.14%.
What Does the Future Bring for PEPE?
PEPE has had a big rally in the past, hitting an all-time high of $0.00001718 in May, but has since fallen more than 53%. Launched in April 2023, this cryptocurrency has entered a period of consolidation after experiencing sharp rises followed by rapid declines.
Last week, PEPE broke below several key support levels and consolidated as low as $0.000008. The price fluctuation between $0.000008 and $0.000012 can be considered an indicator of increased market volatility and ongoing uncertainty. This volatility resulted in a 36% decline, causing PEPE to lose 45% of its value this month, indicating that the downtrend is strengthening.
Today, the cryptocurrency market is under significant selling pressure and major assets such as Bitcoin, Ethereum, and Solana have recorded significant declines. Similarly, other memecoin projects such as PEPE, Floki, Dogecoin, and Shiba Inu also experienced declines, indicating the impact of the broader market decline.
PEPE Graphic Analysis
If the uptrend continues, the price of PEPE could rise to the nearest resistance level at $0.000009, which could indicate that the market is recovering. At this point, price stabilization could allow the currency to move towards the $0.00001 level by the end of July. However, if the uptrend comes under further pressure, PEPE could be seen rising above the $0.000005 level.
If downside risks persist, PEPE is likely to move towards the $0.000008 support level with downside trends. If this level is broken, a withdrawal may occur up to $0.000007. If the bears put more pressure on with the current market corrections, the price of PEPE could drop to $0.000005, which could indicate that the market is oversold.
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