Pepe (PEPE) price drops more than 11%, where is the hope for recovery? ——CoinPedia Quick View
If the current support level can be maintained, Pepe price still has the potential to rebound to a new high.
On Thursday, the overall market value of the cryptocurrency market fell 2% to $2.5 trillion, and the frog meme coin Pepe (PEPE) was not spared and continued to adjust within 24 hours. According to the latest data, Pepe has fallen more than 20% in the past three days, and the mid-term trading price in London on Thursday was about $0.0000135.
This meme coin, despite its medium market value, is still popular among investors with its fully diluted valuation (FDV) of about $5.6 billion and an average daily trading volume of $1.5 billion.
So far this year, Pepe has soared more than 1,000% and maintained high liquidity on multiple exchanges and DeFi protocols. However, as the recent outstanding performance continues, large holders of Pepe have taken profits and left the exchange. At the same time, as Pepe has recently outperformed Bitcoin and other altcoins, a market correction is inevitable. Early investors have begun to spread their profits to other meme coins with upside potential, as the cryptocurrency bull market is still in its early stages.
According to Lookonchain data analysis, an investor deposited 660 billion Pepes worth more than $9.5 million on Binance and made a profit of about 52% in a month.
From a technical perspective, if Bitcoin buyers cannot maintain the support level of $67,000, Pepe prices may continue to fall in the coming days. Currently, Pepe's weekly relative strength index (RSI) has fallen below 70, indicating a weakening of bullish sentiment.
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