PEPE Token Sees Significant Price Decline
Frog-themed memecoin Pepe has experienced a substantial decline in value over the past week, dropping by more than 16%. This negative trend is evident in the daily chart, with the PEPE token currently priced at US$0.056987, marking a decline of over 12% in a single day. The token’s market capitalization has also been impacted, stabilizing around $2.939 billion.
Bearish Sentiment Prevails in Meme Coin Market
The overall bearish sentiment in the meme coin market has contributed to PEPE’s decline, with the market falling by 5.98% to $36.31 billion. Despite this, PEPE remains the 24th largest cryptocurrency by market capitalization. Interestingly, the 24-hour trading volume for Meme coin surged by 61.32% to $760,708, indicating heightened trading activity despite the market downturn.
Price History and Future Outlook for PEPE
Tracking on TradingView reveals that Pepe has been in a prolonged bearish trend since reaching its all-time high of $0.00001718 three months ago. The meme coin has struggled to break out of this downtrend and has revisited previous lows multiple times. Market analysts suggest that PEPE is currently in the third bearish wave of the ABCD pattern, with a potential retest of support at $0.000005856.
The 50-day and 200-day moving averages are positioned above PEPE’s current value, further supporting the bearish sentiment. However, if the price holds at the $0.00006931 level and rebounds, there could be opportunities for a bullish reversal and a challenge towards key resistance levels.
