- Pepe is resilient amidst the market downturn, showing a 5% surge.
- PEPE’s bearish trend was observed, with potential for both bullish and bearish scenarios.
Pepe, one of the prominent memecoins, has been making waves recently. Just six days ago, it reached an all-time high of $0.00001074, showcasing an impressive performance that caught the attention of the investors. Over a month, Pepe experienced a remarkable 450% surge, propelling it into the top 45 cryptocurrencies by market capitalization.
However, the broader cryptocurrency market faced a downturn yesterday, with all memecoins witnessing double-digit declines. Pepe was not immune to this trend, plummeting to a two-week low of $0.00000581. Despite this setback, it has shown resilience by rebounding with a 5% surge in the last 24 hours. As of now, it is trading at $0.00000657, accompanied by a significant increase in trading volume, soaring by 54%.
The recent decline in the cryptocurrency market can be attributed to Bitcoin falling beneath the $61,000 benchmark and Ethereum dropping below $3,110. This downturn triggered a flurry of selling, exacerbating the overall slump and impacting the broader cryptocurrency environment.
Meanwhile other competitive memecoins DOGE is down 3% , SHIB is down 3% . WIF is down 8% in the past 24 hours.
PEPE Price Chart, Source; TradingView
Analyzing the daily chart of Pepe reveals a bearish trend, with the 7-day Exponential Moving Average (EMA) standing at $0.00000734. There are two potential scenarios: if bulls take control, Pepe may ascend to $0.00000996, whereas bears could drive it down to $0.00000591.
Despite the challenges posed by the market downturn, Pepe’s resilience and ability to withstand the pressure indicate a certain level of strength within its community. As the cryptocurrency continues to evolve, all eyes remain on Pepe and its ability to navigate through volatile market conditions.
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