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The popular memecoin project PEPE experienced a significant drop in the last 24 hours following a strong downward trend. The memecoin saw a major market correction, falling below previous support levels. At the time of reporting, PEPE’s price dropped by 15.15% to $0.000008054 during European trading hours. According to CoinMarketCap data, its current market value stands at $3.39 billion, down by 15.14%.
What Awaits PEPE?
PEPE recently experienced a significant surge, reaching an all-time high of $0.00001718 in May, but its price has since declined by over 53%. Launched in April 2023, the cryptocurrency entered consolidation phases after sharp rises and subsequent rapid declines.
Last week, PEPE fell below several key support levels, stabilizing at a low of $0.000008. Trading between $0.000008 and $0.000012 indicates ongoing uncertainty amid increasing market volatility. This movement highlighted its unpredictable trajectory, resulting in a 36% pullback and signaling a bearish trend as Pepe’s price dropped by 45% this month.
Today, the cryptocurrency market faced significant selling pressure, with major assets like Bitcoin, Ethereum, and Solana recording notable declines. Similarly, other memecoin projects, including Pepe, Floki, Dogecoin, and Shiba Inu, also experienced drops, contributing to the broader market’s bearish trend.
PEPE Chart Analysis
If an upward trend is captured, PEPE‘s price could rise to the nearest resistance point of $0.000009, indicating market recovery. Stabilizing at this point could lead the currency towards $0.00001 by the end of July. If bullish sentiment increases, PEPE could rise above the $0.000005 threshold.
On the downside, ongoing negative trends could push it to the $0.000008 support level. This could potentially drop to $0.000007, further jeopardizing its position. With current market corrections, if bears exert more pressure, PEPE’s price could reach $0.000005, indicating an oversold market.
