Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Pepe (PEPE), the frog-themed meme coin, has yielded to bearish pressures after its price lost over 6% in the last seven days. This has plunged the value of the meme coin to a level investors have been avoiding, as PEPE zeroes increased from four to five.
Pepe price slips below key support level
According to CoinMarketCap data, Pepe slipped from an intraday peak of $0.00001028 to $0.000009606 as the $0.00001016 support failed to hold. Pepe traders decided to exit their position as the meme coin approached key resistance levels. This might have been to take advantage before it slips further.
The frog-themed meme coin’s outlook worsened as Bitcoin’s dominance rose to 57.83%, shifting investors’ capital to safer assets. This increased the bearish pressure on Pepe.
As of press time, Pepe was changing hands at $0.000009706, representing a 2.08% decline in the last 24 hours. The price outlook has significantly affected investors’ confidence, and many traders have pulled back. This is shown by the trading volume, which is currently down by 12.54% at $976.18 million.
A critical look at the meme coin market reveals a declining interest in speculative trading as the broader financial market faces uncertainty. Notably, Pepe whales have reduced their holdings in the last week, suggesting a shift in investment focus.
Can Pepe bulls help meme coin recover?
Interestingly, about a month ago, Pepe whales were very bullish as they defied the bearish pattern at the time to move about 7.7 trillion Pepe in just a single day.
The current development was predicted by U.Today in an earlier report, which noted that without the sell-off clearing, the meme coin was likely to slip. It is clear that ecosystem bulls did not defend the price level, hence the plunge.
Investors and market participants alike would have to work harder to knock off the zero from PEPE and help it recover. How they react will determine the next outlook for Pepe in the crypto space.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team