PEPE Faces Significant Decline After Recent Surge

PEPE Experiences Notable Decline After Recent Surge

The renowned memecoin PEPE has faced a significant drop in the past 24 hours, continuing its previous downward trend. The cryptocurrency has undergone a substantial market correction, falling below critical support levels. At the time of writing, PEPE's price has plummeted by 15.15% to $0.000008054 during European trading hours. CoinMarketCap data reveals a current market capitalization of $3.39 billion, representing a 15.14% decrease.

PEPE's Recent Performance

PEPE witnessed a significant surge recently, reaching an all-time high of $0.00001718 in May. However, its price has since declined by over 53%. Launched in April 2023, the cryptocurrency has entered consolidation phases characterized by sharp increases followed by rapid declines.

Market Conditions

Last week, PEPE breached several key support levels, finding stability at a low of $0.000008. Fluctuations between $0.000008 and $0.000012 indicate ongoing uncertainty amid heightened market volatility. This movement underscores PEPE's unpredictable nature, leading to a 36% pullback and a bearish trend with a 45% decline this month.

Today, the cryptocurrency market has experienced significant selling pressure, with major assets such as Bitcoin, Ethereum, and Solana posting notable drops. Similarly, other memecoin projects, including Floki, Dogecoin, and Shiba Inu, have also declined, contributing to the broader market's bearish sentiment.

PEPE Chart Analysis

If an upward momentum gains traction, PEPE's price may rise to the closest resistance point of $0.000009, signaling market recovery. Establishing stability at this level could propel the currency towards $0.00001 by July's end. Stronger bullish sentiment could push PEPE above the $0.000005 threshold.

Conversely, persistent negative trends could drive PEPE down to the $0.000008 support level. Further decline to $0.000007 is possible, exacerbating its vulnerable position. Under ongoing market corrections, if bearish pressure intensifies, PEPE's price could reach $0.000005, indicating an oversold market.