PEPE Token Plunges by 12% in Bearish Trend
Frog-themed memecoin Pepe has shown significant negative price action over the past week, plummeting by more than 16%. This downward trend is clearly visible on the daily chart, indicating a bearish sentiment in the market.
At the current moment, the PEPE token is valued at US$0.056987, marking a sharp decline of over 12% in a single day. Consequently, its intraday market capitalization has stabilized around $2.939 billion, making it the token with the largest decline today.
Market Sentiment and Trading Volume
The negative sentiment surrounding PEPE can be attributed to the overall bearish mood in the meme coin market, which saw a 5.98% decline in a day, reaching a total value of $36.31 billion. Despite this setback, PEPE maintains its position as the 24th most valuable cryptocurrency by market capitalization.
Interestingly, the 24-hour trading volume for the meme coin surged by 61.32% to $760,708, indicating increased trading activity in the PEPE market despite the general market slowdown.
Price History and Future Outlook
Tracking data from TradingView shows that Pepe has been in a bearish trend since reaching its all-time high of $0.00001718 three months ago. The continuous decline has led the meme coin to repeatedly test previous lows, struggling to break free from the downtrend.
Following a market downturn on August 5, PEPE experienced a surge of over 50%, nearing the key resistance level of $0.000008739. However, intense selling pressure led to a pullback, targeting a retest of recent lows around $0.00006931.
Potential Opportunities and Challenges Ahead
Market analysts suggest that PEPE is currently in the third bearish wave of the ABCD pattern, adding to the overall bearish outlook. If this trend continues, the coin may retest support at $0.000005856.
With the 50-day and 200-day moving averages above PEPE’s current value, the bearish sentiment is further supported. However, a rebound from the $0.00006931 lows could present opportunities for a bullish reversal, potentially challenging the key resistance at $0.000008739 and aiming for higher resistance near $0.00009823.
