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Pepe (PEPE) has seen 22.67% growth in price in the last seven days as the meme coin pushed to erase one zero from its value. Despite this significant move, the frog-themed coin has suffered rejection on the broader cryptocurrency market.
Resistance at $0.0000090 halts PEPE momentum
Per CoinMarketCap data, PEPE faced rejection at the $0.0000090 price level. Although the meme coin momentarily breached this price and climbed to $0.00000902, market dynamics could not support the push for higher levels.
Notably, PEPE investors and members of the ecosystem did not actively trade the coin as the price surged upwards.
Tomiwabold OlajideThe trading volume recorded a 13.93% decline to $747.7 million within the last 24 hours. This pullback by market participants when the coin was on the verge of erasing a zero marks a setback for the meme coin.
As of press time, PEPE was changing hands at $0.000008772 as the meme coin struggles to find support that could serve as a rebound base.
The development is concerning for investors in PEPE, given that it is undoing the gains recorded in the past seven days. Although the price volatility is still far from the $0.000007181 range from which it bounced, PEPE could plummet fast.
Whale activity might influence PEPE’s short-term rally
To reverse this downward spiral, PEPE’s bulls need to reenter the market and attempt to rekindle the interest they sparked recently. If the frog-themed meme coin sees enough transactions from its most prominent backers, it could return to erasing a zero.
Godfrey BenjaminIt might also help if PEPE whales refrain from dumping the token on the market, as that could create sell pressure. If large holders, however, go on a massive accumulation spree, it could ease the pressure on the coin.
Market observers are monitoring PEPE's price movement, as a decline to $0.0000084 from its current level could undo previous gains.
Vladislav Sopov
Dan Burgin